Union Budget 2024 | Live update

New Delhi | The law ministry's eCourts project's third phase, which seeks to upgrade the digital infrastructure of the lower judiciary, has been allocated Rs 1,500 crore in the Union Budget 2024-25.

In September last year, the Union Cabinet had approved the third phase of the eCourts project as a central sector scheme with a financial outlay of Rs 7,210 crore.

To be implemented over four years, the third phase will see digitisation of all court records, both legacy and pending cases, at an estimated cost of Rs 2,038.40 crore. A total of 3,108 crore documents will be digitised, official sources had earlier said.

As part of the third phase, the system will be migrated to cloud technology and the cost estimated for providing 25 petabytes of storage (according to existing requirement) is Rs 1,205.20 crore.

The project also seeks to establish and expand the scope of virtual courts for hearing cases by creating a robust digital infrastructure.

The sources had said Rs 413.08 crore is the cost estimate for the establishment of 1,150 virtual courts.

As part of the National eGovernance Plan, the eCourts project is under implementation since 2007 for making the Indian judiciary information and communications technology enabled. The second phase of the project concluded last year.

The main objective of the project's third phase is to create a unified technology platform for the judiciary which will provide a seamless and paperless interface between courts, litigants and other stakeholders.

New Delhi | TDS of one per cent will apply on sale of an immovable property valued at Rs 50 lakh and more, even if there are multiple buyers and sellers involved in the transaction.

A clarification in this regard was provided by Finance Minister Nirmala Sitharaman in her Budget Speech amid cases of misinterpretation of tax provisions.

The government on Tuesday said that one per cent TDS will be applicable for transfer of immovable property involving multiple sellers or buyers wherein the aggregate consideration is Rs 50 lakh or more.

The finance minister mentioned the applicability of Tax Deduction at Source (TDS) in her 2024-25 Budget speech.

In the budget document, the government said that Section 194-IA of the Act provides for deduction of tax on payment of consideration for transfer of certain immovable property other than agricultural land. An amendment will be made in the section to clarify this.

"It is proposed to clarify that where there is more than one transferor or transferee in respect of an immovable property, then such consideration for transfer of the immovable property shall be the aggregate of the amounts paid or payable by all the transferees to the transferor or all the transferors for transfer of such immovable property," Finance Minister Nirmala Sitharaman said in her budget speech.

As per the law, a transferee (buyer) is responsible for deducting tax at source on the amount paid to a seller or transferor for transferring immovable property to the buyer/transferee.

As per the budget document, Sub-section (1) of Section 194-IA provides that any person responsible for paying a resident any sum by way of consideration for transfer of any immovable property should at the time of credit or payment of such sum to the resident, deduct an amount equal to one per cent of such sum or the stamp duty value of such property, whichever is higher, as income-tax thereon.

The sub-section (2) provides that no deduction of tax should be made where the consideration for the transfer of an immovable property and the stamp duty value of such property, are both less than Rs 50 lakh.

"It has been observed that some taxpayers are interpreting that the consideration being paid or credited refers to each individual buyer's payment rather than the total consideration paid for the immovable property.

"Hence if the buyer is paying less than Rs 50 lakh, no tax is being deducted, even if the value of the immovable property and stamp duty value exceeds Rs 50 lakh. This is against the intention of the legislature," the document said.

Accordingly, the government has proposed to amend sub-section (2) of section 194-IA to clarify that where there is more than one transferor or transferee in respect of an immovable property, then such consideration shall be the aggregate of amounts paid or payable by all the transferees to the transferor or all the transferors for transfer of such immovable property.

The amendments will take effect from October 1, 2024.

New Delhi | The Department of Drinking Water and Sanitation has received a budgetary allocation of Rs 77,390.68 crores for the fiscal year 2024-2025.

This figure reflects a minimal increase of only 0.5 per cent from the revised estimate of Rs 77,032.65 crore announced in budget 2023-2024.

A substantial portion of this financial year's allotment for the Drinking Water and Sanitation department is directed towards the Jal Jeevan Mission (JJM), which received Rs 69,926.65 crore, a marginal rise from the revised estimate of Rs 69,846.31 crore in 2023-2024.

This flagship programme aims to provide functional household tap connections to every rural household by 2024, focusing on ensuring regular and adequate water supply.

Additionally, the Dr Syama Prasad Mookerjee National Institute of Water and Sanitation (SPM-NIWAS) has been allocated Rs 95 crore, a huge rise from the Rs 3 crore it got in the last revised estimate.

The Swachh Bharat Mission (Gramin), which focuses on maintaining Open Defecation Free (ODF) status and enhancing waste management in rural areas, has been allocated Rs 7,192 crore.

This allocation remains consistent with the budget for the previous fiscal year and continues to support sanitation efforts nationwide.

The budget also includes significant funding for water supply and sanitation at Rs 64,302.85 crore, an increase from the previous year's Rs 64,138.41 crore.

For economic services, the budget includes Rs 35.78 crore for the Secretariat and capital outlay on general economic services. This is an increase from Rs 32.65 crore in the revised budget, indicating a focus on enhancing administrative and infrastructural capacities.

Additional allocations include Rs 7,632.19 crore for Northeast India, aimed at improving water and sanitation facilities in these regions.

Grants-in-aid to state governments have been set at Rs 5,169.86 crore, while grants to Union Territories are allocated at Rs 250 crore.

New Delhi | The government has proposed the allocation of Rs 1.28 lakh crore for telecom projects and public sector firms under the telecom ministry with a majority of funds earmarked for state-owned BSNL.

Of the total proposed allocation, over Rs 1 lakh crore is meant for BSNL and MTNL-related expenses, including Rs 82,916 crore infusion in BSNL for technology upgradation and restructuring at BSNL.

"The total net allocation for this demand in BE (Budget Estimate) 2024-25 is Rs 1,28,915.43 crore (Rs 1,11,915.43 crore plus Rs 17,000 crore). The additional provision of Rs 17,000 crore is met from the balances available under Universal Service Obligation Fund and will be utilised for schemes viz., Compensation to Telecom Service Providers, Bharatnet and Research and Development," the budget document said.

The budget has proposed to allocate Rs 17,510 crore for pensionary benefits of the employees of the Department of Telecommunications, including employees absorbed in Bharat Sanchar Nigam Ltd and employees of Mahanagar Telephone Nigam Ltd with effect from April 1, 2014.

The government has proposed to allocate Rs 3,668.97 crore for payment of principal amount of MTNL bonds.

The budget has made provision of Rs 34.46 crore for Technology Development and Investment Promotion, Rs 70 crore for Champion Service Sector Scheme and Rs 1,806.34 crore for Production Linked Incentive Scheme.

Besides the allocation, the government has proposed to increase import duty on motherboards, technically called printed circuit boards, by 5 per cent in the Union Budget 2024-25 to boost domestic telecom gear manufacturing.

"To incentivise domestic manufacturing, I propose to increase the BCD (Basic Customs Duty) from 10 per cent to 15 per cent on PCBA (printed circuit board assembly) of specified telecom equipment," Finance Minister Nirmala Sitharaman said.

The increase in basic customs duty for telecom PCB assembly comes with the exemption of critical minerals that are used in the manufacturing of communication equipment.

The finance minister proposed to fully exempt 25 minerals, such as lithium, copper, cobalt and rare earth elements, which are critical for sectors like nuclear energy, renewable energy, space, defence, telecommunications and high-tech electronics from customs duties and reduce basic customs duty on two of them.

"This will provide a major fillip to the processing and refining of such minerals and help secure their availability for these strategic and important sectors," Sitharaman said.

GX Group CEO Paritosh Prajapati said that the “increased BCD on PCB assembly for telecom equipment supports local manufacturers and lowers costs for telecom OEMs (original equipment manufacturers). This development will invigorate the industry with renewed energy and confidence”.

GX Group is one of the beneficiaries of the telecom PLI scheme.

Deloitte India, Partner and TMT industry leader Peeyush Vaish said an increase in BCD will boost domestic manufacturing of telecom equipment and it would have been more beneficial if the reduction was put in place two years ago when massive 5G deployment was happening in the country.

New Delhi | The government on Tuesday proposed to launch a mission to give fillip to the domestic output of critical minerals like copper and lithium, their recycling as well as acquisition of such assets abroad.

Presenting Union Budget for 2024-25, Finance Minister Nirmala Sitharaman also said the government will launch the auction of the first round of offshore mining blocks.

Critical minerals such as copper, lithium, nickel, cobalt and rare earth elements are essential components in many of the rapidly growing clean energy technologies – from wind turbines and electricity networks to electric vehicles.

Demand for these minerals is on the rise as clean energy transition gathers pace.

"We will set up a Critical Mineral Mission for domestic production, recycling of critical minerals, and overseas acquisition of critical mineral assets. Its mandate will include technology development, skilled workforce, extended producer responsibility framework, and a suitable financing mechanism," the finance minister said.

She also said the government will launch the auction of the first tranche of offshore blocks for mining, building on the exploration already carried out.

Offshore mining is the process of retrieving mineral deposits from the deep seabed, at a depth of more than 200 metres.

India is a net importer of critical minerals. In a bid to give a push to domestic mining, the mines ministry had last year passed the Mines and Minerals (Development & Regulation) Amendment Bill 2023, through which it can award exploration licences for deep-seated and critical minerals.

Last year, the government had released a list of 30 critical minerals. It includes antimony, beryllium, bismuth, cadmium, cobalt, copper, gallium, germanium, graphite, hafnium, indium, lithium, molybdenum, niobium, nickel, PGE, phosphorous, potash, REE (rare earth elements), tantalum, among others.

New Delhi | Delhi Police has been allocated Rs 11,400.81 crore in the Union Budget 2024-25, a decrease of six per cent from the last fiscal.

For the financial year 2023-2024, the budget allocated to Delhi Police was Rs 11,932.03 crore (4.45 per cent decrease). However, the allocation was was later revised to Rs 12,128.83 crore (6 per cent).

The allocated funds for the city's police force will be used for routine expenses as well as for various schemes to be implemented by the Delhi Police such as developing a model traffic system and communication networks in the NCR region.

Finance Minister Nirmala Sitharaman on Tuesday presented the Union Budget for 2024-25 in Parliament.

Delhi Police is responsible for maintaining and enforcing law and order in the National Capital Territory of Delhi, including the responsibility of traffic management in the city.

Upgrading and expanding communication infrastructure, incorporating latest technology in the police system, installing traffic signals, and arranging training for its personnel also come under the remit of Delhi Police.

New Delhi | The government has scrapped the Rs 30,000 crore equity infusion it had planned in state-owned fuel retailers after they made record profits in the fiscal year ended March 31, according to the Budget Finance Minister Nirmala Sitharaman presented on Tuesday.

Sitharaman had on February 1 last year, while presenting the annual Budget for the 2023-24 fiscal (April 2023 to March 2024), announced an equity infusion of Rs 30,000 crore in Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) to support the three state-owned firm's energy transition plans.

Alongside, she had also proposed Rs 5,000 crore for buying crude oil to fill strategic underground storages at Mangalore in Karnataka and Visakhapatnam in Andhra Pradesh that India has built to guard against any supply disruptions.

In the interim budget, the finance minister presented in February this year ahead of the general elections, the capital support to the three oil companies was halved to Rs 15,000 crore and the plan for filling strategic underground storage was deferred.

In the full budget for 2024-25, both plans have been scrapped.

The budget documents showed nil allocation for capital support to the three oil marketing companies (OMCs) in 2024-25 against Rs 30,000 crore that was provisioned in the 2023-24 budget. While the interim budget in February this year showed the amount against this entry at Rs 15,000 crore, the revised allocation in the full budget presented today showed Rs 0.01 crore as the expenditure for 2023-24 and nil in the 2024-25 budget provision.

While other state-owned oil companies like Oil and Natural Gas Corporation (ONGC) and GAIL (India) Ltd too have lined up billions of dollars of investment to achieve net-zero carbon emissions, the equity support was limited to the three fuel retailers, which had suffered huge losses in 2022 when they held retail petrol, diesel and cooking gas (LPG) prices despite a spike in raw material (crude oil) prices, following Russia's invasion of Ukraine.

But with three retailers IOC, BPCL and HPCL reporting record profits totalling about Rs 81,000 crore in FY24 (2023-24), which is far more than their annual earnings of Rs 39,356 crore in pre-oil crisis years, the capital support has gone.

The retailers have resisted calls to revert to daily price revision and pass on softening in rates to consumers on grounds that prices continue to be extremely volatile - rising on one day and falling on the other - and that they needed to recoup losses incurred in the year, when they kept rates lower than cost.

IOC in 2023-24 posted a standalone net profit of Rs 39,618.84 crore compared to Rs 8,241.82 crore annual net profit in 2022-23. While the company could argue that FY23 was impacted by the oil crisis, the FY24 earnings are higher than even the pre-crisis years - Rs 24,184 crore net profit in 2021-22 and Rs 21,836 crore in 2020-21.

BPCL posted a net profit of Rs 26,673.50 crore in FY24, higher than Rs 1,870.10 crore earnings in 2022-23 and Rs 8,788.73 crore in FY22.

HPCL's 2023-24 profit of Rs 14,693.83 crore is compared with a Rs 8,974.03 crore loss in FY23 and a profit of Rs 6,382.63 crore in 2021-22, according to the filings.

The losses in FY23 had led to the finance minister announcing Rs 30,000 crore for IOC, BPCL and HPCL. Mid-way through the year, that support was halved to Rs 15,000 crore. The support was to happen by way of equity infusion via a rights issue.

The board of IOC and BPCL had last year approved rights issues to raise to Rs 22,000 crore and Rs 18,000 crore, respectively. The government was to participate in the rights issue.

The three companies, which control roughly 90 per cent of India's fuel market, 'voluntarily' have not changed petrol, diesel and cooking gas (LPG) prices, resulting in losses when input costs were higher and profits when raw material prices were lower.

They posted a combined net loss of Rs 21,201.18 crore during April-September 2022 despite accounting for Rs 22,000 crore announced but not paid LPG subsidy for the previous two years.

Subsequent softening of international prices and government giving out LPG subsidies helped IOC and BPCL post annualised profit for 2022-23 (April 2022 to March 2023), but HPCL was in the red.

In FY24, things have changed dramatically, and the three firms posted record earnings.

Against Rs 5,000 crore provided in the 2023-24 budget for filing the strategic oil reserves, Rs 40 crore was the expenditure in the revised number of the year and nil in the budget for 2024-25, according to the budget documents.

The budget also made a provision of Rs 11,925 crore towards LPG subsidy in 2024-25 compared to Rs 12,240 crore spending in the previous year. The provision for FY25 includes Rs 9094 crore for providing cooking gas connection to poor households and Rs 1,200 crore towards subsidy for the northeastern region.

New Delhi | Finance Minister Nirmala Sitharaman on Tuesday said buyback of shares will be taxed in the hands of shareholders similar to dividend from October 1, a move that will increase the tax burden on investors.

Further, the cost paid by the shareholder to acquire these shares will be considered for computation of capital gains or loss to them.

"For reasons of equity, I propose to tax income received on buyback of shares in the hands of the recipient," Sitharaman said in her Budget speech.

It has been proposed that the income from buyback of shares by companies be chargeable in the hands of the recipient investor as dividend, instead of the current regime of additional income-tax in the hands of the company.

Further, the cost of such shares will be treated as capital loss to the investor, she added.

Experts said the government move can increase the burden on investors, besides, there might be a decline in the number of buybacks.

"The taxation of buyback as dividends may potentially increase tax burden on investors. Hitherto, it is taxed at 20 per cent but after the amendment, the taxpayers in higher tax bracket will have to shell out more tax," Amit Maheshwari, Tax Partner, AKM Global, a tax and consulting firm, said.

He said the buyback was consistently being used as a tool for tax arbitrage but its use was limited due to restrictions under the Companies Act.

Henceforth, companies will be now using it only wherever they genuinely feel the need for capital reduction and not for distribution of profits.

The buyback option was among the final avenues for investors to exit a company without incurring tax liabilities, as the tax was previously paid by the company.

"Going forward, we may see a reduction in the number of buybacks, with companies possibly choosing to allocate surplus funds towards capital expenditures instead," Roop Bhootra, CEO -- Investment Services, Anand Rathi Shares and Stock Brokers, said.

Kotak Securities COO Sandeep Chordia said capital loss generated on buyback will be allowed to be set off against other capital gain.

Price Waterhouse & Co LLP Partner Kamal Abrol said until now the tax regulations provided that buyback would be taxed differently from dividends and the company was under obligation to pay the taxes to buy back.

"Going forward, the amount paid on buyback would be treated as dividend and taxed in the hands of the shareholders. The cost paid by the shareholder to acquire those shares will be considered for computation of capital gains/loss to them. This change comes into effect from October 1, 2024," he added.

Dhruv Chopra, Managing Partner, Dewan P. N. Chopra & Co, said the proposal to tax buyback of shares by domestic companies in the hands of shareholders will potentially bring parity between tax implications on declaring dividends and buyback.

"Historically, shareholders have enjoyed the benefits of a lower tax implication on buyback with savings of about 12 per cent on distribution of profits by companies in the form of buyback vs dividend. This benefit may no longer be available to shareholders," he added.

New Delhi | The government in the Budget presented on Tuesday retained nearly 14 per cent rise in capital investment of Rs 67,286.01 crore proposed in the interim document by eight state-owned power companies for this fiscal.

The government had provided for Rs 67,286.01 crore investment by the eight power sector firms in the interim budget presented on February 1, 2024, compared to Rs 59,119.55 crore for 2023-24 under the revised estimate.

The annual investment by these eight power sector firms for the 2023-24 fiscal was budgeted at Rs 60,805.22 crore.

According to the budget document presented in Parliament on Tuesday, Power Grid Corporation -- a central public sector enterprise (CPSE) under the administrative control of the Ministry of Power -- witnessed the highest increase in proposed investment at Rs 12,250 crore for this fiscal from Rs 8,800 crore budgeted and revised estimate of investment for 2023-24.

Investment by hydro power giant SJVN Ltd has been hiked to Rs 12,000 crore for 2024-25, from the revised and budgeted amount of Rs 10,000 crore for 2023-24.

Another hydro power giant NHPC Ltd will increase its investment to Rs 11,761.87 crore in 2024-25, compared to the revised estimated investment of Rs 9,006.31 crore for 2023-24. NHPC's initial investment was budgeted at Rs 10,857.22 crore for 2023-24.

The NHPC's investment for this fiscal also includes Rs 568.68 crore capex of its joint venture firm Chenab Valley Power Projects Ltd, mentioned separately in the budget document.

In the case of NTPC Ltd, the investments have been slightly increased to Rs 22,700 crore for this fiscal compared to the revised as well as budgeted estimates of Rs 22,454 crore for 2023-24.

Damodar Valley Corporation's investment has been pegged at Rs 3,262 crore for 2024-25, higher than the revised as well as budgeted estimates of Rs 2,708 crore for 2023-24.

According to the Budget, North Eastern Electric Power Corporation will invest Rs 1,841.18 crore in 2024-25, compared to the revised estimated investment of Rs 1,150.02 crore for 2023-24. The company's budget estimate was Rs 2,018.59 crore for 2023-24.

Tehri Hydro Development Corporation will invest Rs 3,440.96 crore this fiscal, against revised estimates of Rs 4,877.22 crore for 2023-24.

The budgeted investment for the company was Rs 3,900.41 crore for the last fiscal.

The document has also mentioned investment of Rs 30 crore this fiscal by Power System Operation Corporation Ltd, against revised estimate of Rs 124 crore for 2023-24.

According to the Budget document, the total expenditure of the power ministry has also been pegged slightly higher at Rs 20,502 crore for 2024-25, against revised estimated expenditure of Rs 17,635 crore this fiscal.

The budgeted expenditure for the ministry was at Rs 20,671.32 crore for the current fiscal.

New Delhi | The total budget allocated for the Department of Water Resources, River Development, and Ganga Rejuvenation has surged to Rs 30,233.83 crore, 55 per cent up from last year's allotment of Rs 19,516.92 crore.

The revised budget for 2024-25 shows a sharp rise in the allocations, particularly for major irrigation projects and the Namami Gange Mission-II.

While announcing the Budget on Tuesday, Finance Minister Nirmala Sitharaman announced a comprehensive financial support plan of Rs 11,500 crore to enhance flood control measures and irrigation projects across several states.

Presenting the Budget in the Lok Sabha, Sitharaman highlighted that the government, through the Accelerated Irrigation Benefit Programme and other sources, will provide financial support for various projects.

These projects include the Kosi-Mechi intra-state link and 20 other ongoing schemes, encompassing barrages, river pollution abatement, and irrigation projects. Additionally, survey and investigation of Kosi-related flood mitigation and irrigation will be undertaken.

"Bihar has frequently suffered from floods, many of them originating outside the country. Plans to build flood control structures in Nepal are yet to progress," Sitharaman said.

Assam, which grapples with annual floods caused by the Brahmaputra and its tributaries originating outside India, will also receive assistance for flood management and related projects, she said.

"We will provide assistance to Assam for flood management and related projects," Sitharaman said.

Highlighting the extensive losses suffered by Himachal Pradesh last year, Sitharaman said, "Our government will provide assistance for reconstruction and rehabilitation through multilateral development assistance." The budget for major irrigation projects, including key programmes such as the Farakka Barrage Project and the Dam Rehabilitation and Improvement Programme, has been augmented significantly.

For instance, the allocation for the Farakka Barrage Project alone has risen to Rs 127 crore from the previous year's revised budget of Rs 70.92 crore. Similarly, the Dam Rehabilitation and Improvement Programme has seen a rise of Rs 54.05 crore.

The Namami Gange Mission-II, aimed at rejuvenating the Ganga river, has also received a substantial boost in the Budget 2024-25.

The budget for the National Ganga Plan, including both EAP and non-EAP components, has been set at Rs 3,345.70 crore for 2024-2025, reflecting the government's intensified efforts to clean and conserve the river.

This marks a significant increase from the revised allocation of Rs 2,400 crore for 2023-2024.

In addition to these, the budget for water resources management projects, including the National Hydrology Project and the Atal Bhujal Yojana, has been substantially increased.

The Atal Bhujal Yojana, which focuses on groundwater management, has been allocated Rs 1,778 crore, up from Rs 1,000 crore in the previous fiscal year. The National Hydrology Project has also seen a rise in its budget to Rs 661.20 crore.

The budget also allocated funds for several centrally sponsored schemes, including the Pradhan Mantri Krishi Sinchai Yojana and the National River Conservation Plan.

The Pradhan Mantri Krishi Sinchai Yojana has received an allocation of Rs 9,339.37 crore for 2024-2025, up from Rs 7,031.10 crore in the previous fiscal year.

Similarly, the National River Conservation Plan has been allocated Rs 592.11 crore, a substantial increase from the revised budget of Rs 432 crore for 2023-2024.

New Delhi | The Budget 2024-24 on Tuesday allocated Rs 1,309.46 crore for census, a significant reduction from 2021-22 when Rs 3,768 crore was allocated for the decadal exercise, an indication that it may not be carried out even after a significant delay.

A meeting of the Union cabinet on December 24, 2019 had approved the proposal for conducting census of India 2021 at a cost of Rs 8,754.23 crore and updating the National Population Register (NPR) at a cost of Rs 3,941.35 crore.

The house listing phase of the census and the exercise to update the NPR were scheduled to be carried out across the country from April 1 to September 30, 2020 but were postponed due to the COVID-19 outbreak.

The census operation continues to be on hold and the government has not yet announced the new schedule.

Officials said since general elections had taken place this year, the census exercise will not be able to be carried out in 2024.

According to the Budget 2024-25, Rs 1,309.46 crore has been allocated for census surveys and statistics, and it was Rs 578.29 in 2023-24.

The entire census and NPR exercise is likely to cost the government over Rs 12,000 crore, the officials said.

This exercise, whenever it will happen, will be the first digital census giving the citizens an opportunity to self-enumerate.

The NPR has been made compulsory for citizens who want to exercise the right to fill the census form on their own rather than through government enumerators. For this, the census authority has designed a self-enumeration portal which is yet to be launched.

During self-enumeration, Aadhaar or mobile number will be mandatorily collected.

The Office of the Registrar General and Census Commissioner had prepared 31 questions to be asked to the citizens.

Those questions include whether a family has telephone, internet connection, mobile or smartphone, bicycle, scooter or motorcycle or moped and whether they own a car, jeep or a van.

The citizens will also be asked questions such as the cereal they consume in the household, main source of drinking water, main source of lighting, access to latrine, type of latrine, waste water outlet, availability of bathing facility, availability of kitchen and LPG/PNG connection, main fuel used for cooking and availability of radio, transistor and television.

The citizens will also be asked about the predominant material of floor, wall and roof of the census house, condition of the census house, total number of persons normally residing in the household, whether head of the household is a woman, whether the head of the household belongs to Scheduled Caste or Scheduled Tribe, number of dwelling rooms exclusively in possession of the household and the number of married couple or couples living in the household among others.

New Delhi | In a move that signals fiscal prudence, the government reduced its subsidy outlay for food, fertiliser, and fuel by 7.8 per cent in the full Budget for 2024-25, presented by Finance Minister Nirmala Sitharaman in the Lok Sabha on Tuesday.

The total subsidy allocation stands at Rs 3,81,175 crore for the current fiscal, down from the previous year's figure of Rs 4,13,466 crore. This reduction aligns with the estimates projected in February's interim budget.

Breaking down the allocations, the food subsidy has been set at Rs 2,05,250 crore, a decrease from the revised estimates of Rs 2,12,332 crore for the fiscal ending March 31, 2024.

This subsidy covers the difference between the economic cost of foodgrains procured by the government and their sales realisation under the National Food Security Act (NFSA) and other welfare schemes, benefiting approximately 80 crore individuals.

The fertiliser subsidy has seen a more significant cut, with Rs 1,64,000 crore earmarked for 2024-25 against the revised estimates of Rs 1,88,894 crore for the previous fiscal.

This subsidy supports manufacturers and helps maintain affordable prices for farmers, covering both urea and non-urea fertilisers like DAP and MOP.

Petroleum subsidies, primarily for cooking gas (LPG), have been marginally reduced to Rs 11,925 crore, down from Rs 12,240 crore in the 2023-24 revised estimates.

The government's decision to maintain the subsidy estimates from the interim budget suggests a calculated approach to balancing fiscal consolidation with welfare measures.

New Delhi | Over Rs 200 crore have been earmarked for expenditure on "examination and selection" of the civil servants by the Union Public Service Commission (UPSC) in the 2024-25 Budget announced on Tuesday.

The Commission conducts the civil services examination annually in three stages -- preliminary, main and interview -- to select officers of Indian Administrative Service (IAS), Indian Foreign Service (IFS) and Indian Police Service (IPS), among others.

The UPSC has been given Rs 425.71 crore for the ongoing fiscal in the Budget presented by Finance Minister Nirmala Sitharaman.

Of these, Rs 208.99 crore is for expenditure on salaries and allowances of the chairman and members, besides administrative expenses, among others.

A total of Rs 216.72 crore has been allocated for the "expenditure in connection with the examinations, recruitment tests and selections conducted by the Union Public Service Commission", according to the Budget documents.

The Commission was given Rs 426.24 crore during 2023-24.

Anti-corruption ombudsman Lokpal has been allocated Rs 33.32 crore for 2024-25. The provision is for establishment and construction-related charged expenditure for the Lokpal.

The Central Vigilance Commission (CVC) has been allocated Rs 51.31 crore for the current financial year.

The probity watchdog was given Rs 44.46 crore for 2023-24, which was revised to Rs 47.73 crore for the last fiscal.

The UPSC has been in the spotlight since probationary IAS officer Puja Khedkar's case came to fore.

The Commission had recently lodged a criminal case against Khedkar, a 2023 batch probationary IAS officer, for faking her identity to fraudulently avail attempts in the civil services examination beyond eligibility.

New Delhi | The government will formulate an 'Economic Policy Framework' to set the scope of the next generation of reforms for facilitating employment opportunities and sustaining high growth.

The proposed 'Economic Policy Framework' is one of the nine priorities envisaged in the Budget for generating ample opportunities for all.

"We will formulate an Economic Policy Framework to delineate the overarching approach to economic development and set the scope of the next generation of reforms for facilitating employment opportunities and sustaining high growth," Finance Minister Nirmala Sitharaman said in her Budget Speech in the Lok Sabha.

She said the government will initiate and incentivise reforms for improving productivity of factors of production, and facilitating markets and sectors to become more efficient.

"These reforms will cover all factors of production, namely land, labour, capital and entrepreneurship, and technology as an enabler of improving total factor productivity and bridging inequality," she added.

The minister said effective implementation of several of these reforms requires collaboration between the Centre and the states and building consensus, as development of the country lies in development of the states.

"For promoting competitive federalism and incentivising states for faster implementation of reforms, I propose to earmark a significant part of the 50-year interest-free loan. Working with the states, we will initiate the following reforms," Sitharaman said.

In the speech, she said people have given a unique opportunity to Modi government to take the country on the path of strong development and all-round prosperity.

In the interim Budget presented in February, she said the government promised to present a detailed roadmap for its pursuit of 'Viksit Bharat'.

"In line with the strategy set out in the interim Budget, this Budget envisages sustained efforts on the following 9 priorities for generating ample opportunities for all," she said.

The nine priorities are: 'productivity and resilience in agriculture', 'employment & skilling', 'inclusive human resource development and social justice', 'manufacturing & services', 'urban development', 'energy security', 'infrastructure', 'innovation, research & development' and 'next generation reforms'.

Sitharaman said subsequent budgets will build on these nine, and add more priorities and actions.

"We are pleased with the Union Budget 2024-25's strong focus on employment and education, particularly the allocation of Rs 1.48 crore and the Rs 2 lakh crore package for five schemes aimed at creating jobs and providing skilling to 4.1 crore youth. This will drive economic growth and progress by enhancing job creation, improving higher education access, and expanding skill development programmes," Wadhwani Foundation President and CEO Ajay Kela said.

New Delhi | The 2024-25 Union Budget has allocated Rs 1,248.91 for expenses incurred by the Council of Ministers, the Cabinet Secretariat and the Prime Minister's Office, and for hospitality and entertainment of State guests.

The allocated amount is substantially lower than the Rs 1,803.01 crore earmarked in 2023-24.

The budget was presented in Parliament by Finance Minister Nirmala Sitharaman on Tuesday .

A total of Rs 828.36 crore has been given for the expenses of council of ministers. It was Rs 1,289.28 crore in 2023-24.

This allocation is for expenditure on salaries, sumptuary and other allowances and travel by cabinet ministers, ministers of state and former prime ministers. This also includes a provision for special extra session flight operations for VVIPs.

The National Security Council Secretariat has been given Rs 202.10 crore. It was Rs 299.30 crore in 2023-24.

This amount is for meeting the administrative expenses and space programme of the National Security Council Secretariat.

A total of Rs 72.11 crore has been given to the Office of Principal Scientific Advisor (Rs 76.20 crore in 2023-24). The provision is for meeting the administrative expenses of the principal scientific advisor's office and the National Research Foundation.

The Cabinet Secretariat has been allocated Rs 75.24 crore, against Rs 70.28 crore in 2023-24, for meeting the administrative expenses of those of the Chemical Weapons Convention (CWC).

The Prime Minister's Office has been allocated Rs 65.30 crore (Rs 62.65 crore in 2023-24) for meeting administrative expenses.

The budget has given Rs 4 crore for hospitality and entertainment expenses, the same as that allocated in 2023-24.

This provision is for expenditure on government hospitality and entertainment of foreign State guests, official entertainment arranged at the Rashtrapati Bhavan on behalf of the vice president and the prime minister, reception on national days, investiture and ceremonies for presentation of credentials among others.

The budget has allocated Rs 1.80 crore for expenditure on payments of secretariat assistance to former governors (Rs 1.30 crore in 2023-24).

New Delhi | The Department of Empowerment of Persons with Disabilities has been allocated a total of Rs 1,225.27 crore in the fiscal year 2024-2025, a marginal increase of 0.02 per cent from the previous year's revised estimate of Rs 1,225.01 crore.

The budget emphasises the continuation and expansion of key programmes aimed at improving the lives of persons with disabilities through various schemes and projects.

A significant portion of the budget is dedicated to the National Program for the Welfare of Persons with Disabilities, with Rs 615.33 crore allocated for this fiscal year, up from Rs 502 crore in the revised budget for 2023-24.

The Department of Empowerment of Persons with Disabilities (DEPwD) has been allocated a total of Rs 1,225.27 crore in the fiscal year 2024-25, a marginal increase of 0.02 per cent from the previous year's revised estimate of Rs 1,225.01 crore.

This programme includes Rs 315 crore for Assistance to Disabled Persons for Purchase/Fitting of Aids and Appliances, an increase from Rs 305 crore. The Deendayal Disabled Rehabilitation Scheme has seen a notable increase from Rs 130 crore to Rs 165.00 crore.

Additionally, the Scheme for Implementation of the Persons with Disabilities Act is allocated Rs 135 crore, more than doubling the previous year's revised estimate of Rs 67 crore.

Educational support remains a priority, with Rs 142.68 crore earmarked for Scholarships for Students with Disabilities. This is slightly down from the previous year's Rs 155 crore but continues to reflect a commitment to empowering students with disabilities through higher education opportunities.

The department's support for autonomous bodies includes significant funding, although there are some reductions compared to the previous year.

The National University of Rehabilitation Science and Disability Studies and the Rehabilitation Council of India maintain steady allocations.

However, funding for the Centre for Disability Sports has been reduced from Rs 76 crores to Rs 25 crores.

Support to national institutes is set at Rs 370 crore, a decrease from the revised estimate of Rs 408.75 crore. The budgetary support to the national trust is reduced from Rs 35 crore to Rs 25 crore.

Public sector undertakings, such as the National Handicapped Finance and Development Corporation and the Artificial Limbs Manufacturing Corporation of India, have been allocated a combined total of Rs 194 crore, maintaining consistent support for these critical organisations.

The establishment expenditure for the central administration, including the Secretariat and the Chief Commissioner of Persons with Disabilities (CCPD), is set at Rs 42.75 crore. This includes Rs 41.55 crores for the Secretariat and Rs 20 lakh for the CCPD.

The department also focuses on regional development, with Rs 75.8 crore allocated for the North Eastern Areas, up from Rs 65.7 crores.

New Delhi | India's energy transition plan will focus on developing small modular nuclear reactors, pumped-storage projects and more efficient thermal plants, the government announced on Tuesday.

Presenting the 2024-25 Budget in the Lok Sabha, Union Finance Minister Nirmala Sitharaman said the government will collaborate with private firms to develop small modular reactors (SMRs) and conduct research on advanced technologies to boost the share of nuclear power in India's energy mix.

Sitharaman also said a roadmap will be prepared to shift "hard to abate" industries, such as shipping, aviation, iron and steel, and chemicals, from focusing on energy-efficiency targets to emission targets.

To balance employment, growth and environmental sustainability, the government will release a policy document outlining appropriate energy-transition pathways. A taxonomy for climate finance will be developed to enhance the availability of capital for climate adaptation and mitigation, Sitharaman said.

"Nuclear energy is expected to form a very significant part of the energy mix for Viksit Bharat. Towards that pursuit, our government will partner with the private sector for setting up Bharat small reactors, research and development of Bharat small modular reactors, and research and development of newer technologies for nuclear energy," she said.

SMRs are smaller, compact nuclear power plants (300 MWe or less) compared to current-generation base load plants (1,000 MWe or higher). These factory-fabricated reactors can be transported by trucks or rail to a nuclear power site and their output can be scaled by combining several units to achieve larger capacities.

Chief Economic Advisor V Anantha Nageswaran noted in the economic survey that the combined deployment of factory-manufactured, made-in-India SMRs, along with standardised 700-MWe pressurised heavy water reactors (PHWRs), could be an effective strategy for rapidly scaling up nuclear power capacity in India.

The interim budget's research and development funding will also support this sector, Sitharaman said.

A policy promoting pumped-storage projects will be introduced to store electricity and facilitate the integration of the growing share of renewable energy with its variable and intermittent nature, she added.

A pumped-storage project involves two reservoirs, one on top of a hill and another at the bottom. Excess electricity is used to pump water uphill to the upper reservoir. When electricity demand spikes, the water is released to the lower reservoir through a turbine, generating power. This system is particularly significant given the unpredictable nature of solar and wind energy.

Sitharaman also announced that the development of indigenous technology for advanced ultra super critical (AUSC) thermal power plants, which offer much higher efficiency, has been completed. A joint venture between the National Thermal Power Corporation (NTPC) and Bharat Heavy Electricals Limited (BHEL) will set up a full-scale 800-MW commercial plant using AUSC technology, with the government providing the necessary fiscal support.

The finance minister said developing indigenous capacity for producing high-grade steel and other advanced metallurgy materials for these plants will yield substantial economic benefits.

To transition "hard to abate" industries from the current "Perform, Achieve and Trade" mode to the "Indian Carbon Market" mode, appropriate regulations will be established.

An investment-grade energy audit of traditional micro and small industries in 60 clusters, including brass and ceramic, will be facilitated. Financial support will be provided to transition these industries to cleaner energy forms and implement energy-efficiency measures. This scheme will be replicated in another 100 clusters in the next phase.

New Delhi | The government on Tuesday announced 3 schemes to boost employment through retirement fund body EPFO for new entrants in the organised sector with a total central outlay of Rs 1.07 lakh crore.

In her budget speech in Lok Sabha, Finance Minister Nirmala Sitharaman said, "Our government will implement 3 schemes for ‘Employment Linked Incentive', as part of the Prime Minister's package." These will be based on enrolment in the Employees' Provident Fund Organisation, and focus on recognition of first-time employees, and support to employees and employers, she said.

For the first-timers, she told the House that Scheme-A will provide one-month wage to all persons newly entering the workforce in all formal sectors.

The direct benefit transfer of one-month salary in 3 instalments to first-time employees, as registered in the EPFO, will be up to Rs 15,000.

The eligibility limit will be a salary of Rs 1 lakh per month. The scheme is expected to benefit 210 lakh youth.

The Scheme-B for job creation in manufacturing will incentivize additional employment in the manufacturing sector, linked to the employment of first-time employees.

An incentive will be provided at specified scale directly both to the employee and the employer with respect to their EPFO contribution in the first 4 years of employment, she stated.

The scheme is expected to benefit 30 lakh youth entering employment, and their employers.

Similarly, Scheme-C for support to employers, will cover additional employment in all sectors.

All additional employment within a salary of Rs 1 lakh per month will be counted.

The government will reimburse to employers up to Rs 3,000 per month for 2 years towards their EPFO contribution for each additional employee.

The scheme is expected to incentivize additional employment of 50 lakh persons, she added.

The three schemes will have total central outlay of Rs 1.07 lakh crore (Rs 23,000 crore for Scheme-A, Rs 52,000 crore for Scheme-B and Rs 32,000 crore for Scheme-C).

Sitharaman said,"Our government will facilitate the provision of a wide array of services to labour, including those for employment and skilling." A comprehensive integration of e-shram portal with other portals will facilitate such one-stop solution, she said.

Open architecture databases for the rapidly changing labour market, skill requirements and available job roles, and a mechanism to connect job-aspirants with potential employers and skill providers will be covered in these services.

ShramSuvidha and Samadhan portals will be revamped to enhance ease of compliance for industry and trade.

She also told the House that the Committee to review the NPS (New Pension Scheme) has made considerable progress in its work.

"I am happy that the Staff Side of the National Council of the Joint Consultative Machinery for Central Government Employees have taken a constructive approach. A solution will be evolved which addresses the relevant issues while maintaining fiscal prudence to protect the common citizens," she said.

She also stated that the government will facilitate higher participation of women in the workforce through setting up of working women hostels in collaboration with industry, and establishing creches.

In addition, the partnership will seek to organize women-specific skilling programmes, and promotion of market access for women SHG enterprises.

According to the latest payroll data, EPFO recorded the highest net addition of 19.50 lakh members in May 2024.

The addition during the month is the highest since the first payroll data was issued in April 2018.

Year-over-year analysis showed a 19.62 per cent growth in net member additions compared to May 2023.

This surge in membership can be attributed to numerous factors, including increased employment opportunities, a growing awareness of employee benefits, and the effectiveness of EPFO's outreach programmes.

The data indicates that around 9.85 lakh new members enrolled during May 2024. There is an increase of 10.96 per cent in the new members from the previous month of April 2024 and an 11.5 per cent increase from May 2023.

A noticeable aspect of the data is the dominance of the 18-25 age group, constituting a significant 58.37 per cent of the total new members added in May 2024, the labour ministry had said.

This is in consonance with the earlier trend which indicates that most individuals joining the organized workforce are youth, primarily first-time job seekers, it had stated.

New Delhi | The Centre has allocated Rs 5,958 crore for the Union Territory of Ladakh in the Union Budget 2024-25 announced on Tuesday, a massive 32 per cent rise from last year's allotment of Rs 4,500 crore.

The Ladakh UT, which was carved out of Jammu and Kashmir after the abrogation of Article 370 in 2019, has received Rs 2,035.49 crore for establishment expenditure of the Centre to meet its secretariat-related expenses and establishment of other departments and offices.

The Budget, announced by by Finance Minister Nirmala Sitharaman, has allocated to Ladakh Rs 3,922.51 crore for other Central sector expenditure, including agriculture and allied schemes, water supply and sanitation, rural development, power, forestry and wildlife, medical and public health, and education among other departments.

New Delhi | Finance Minister Nirmala Sitharaman on Tuesday announced a credit guarantee scheme for facilitating term loans for MSMEs to purchase machinery and equipment without collateral or third-party guarantee.

In her Budget speech in the Lok Sabha, she said the Budget provides special attention to micro, small & medium enterprises (MSMEs) and manufacturing, particularly labour-intensive units.

"We have formulated a package, covering financing, regulatory changes and technology support for MSMEs to help them grow and also compete globally, as mentioned in the interim budget," she said.

The credit guarantee scheme for MSMEs in manufacturing will operate on the pooling of credit risks of such entities.

"A separately constituted self-financing guarantee fund will provide, to each applicant, guarantee cover up to Rs 100 crore, while the loan amount may be larger," the minister announced in the Budget.

The borrower will have to provide an upfront guarantee fee and an annual guarantee fee on the reduced loan balance.

She also announced a new mechanism for facilitating the continuation of bank credit to MSMEs during their stress period.

Sitharaman said that while being in the 'special mention account' (SMA) stage for reasons beyond their control, MSMEs need credit to continue their business and avoid getting into the NPA stage.

"Credit availability will be supported through a guarantee from a government-promoted fund," she added.

In another move to help MSMEs, the minister announced a new assessment model for credit to the sector.

She said public sector banks will build their in-house capability to assess MSMEs for credit, instead of relying on external assessment.

"They will also take a lead in developing or getting developed a new credit assessment model, based on the scoring of digital footprints of MSMEs in the economy," she added.

The new assessment model, she said, is expected to be a significant improvement over the traditional assessment of credit eligibility based only on asset or turnover criteria.

It will also cover MSMEs without a formal accounting system.

Mohammad Athar (Saif), partner and leader capital projects and infrastructure development, PwC India, said the credit guarantee scheme and e-commerce export hubs for MSMEs will enable demand creation and boost India's aspiration of achieving USD 1 trillion in exports by 2030, driven by MSMEs.

Sitharaman also announced that to enable MSMEs and traditional artisans to sell their products in international markets, e-commerce export hubs will be set up in public-private-partnership (PPP) mode.

These hubs, under a seamless regulatory and logistic framework, will facilitate trade and export-related services under one roof.

Vivek Jalan, Partner, Tax Connect, a multi-disciplinary firm, said, as requested by the trade and industry bodies and laid down by the Economic Survey, for MSME businesses, the compliance burden is also sought to be relaxed.

Litigations will be reduced in the new Vivaad Se Vishwas Scheme, he added.

Rumki Majumdar, Economist, Deloitte India, said the credit guarantee schemes for MSMEs in the manufacturing sector, facilitating term loans for the purchase of machinery, and formulating packages to finance technology support to them will go a long way to providing access to finance and increasing investments, which have been key challenges in the sector.

New Delhi | Khelo India, which is the government's flagship project to promote sports at the grassroots level, was once again the biggest beneficiary in the union budget for the sports ministry as it was assigned Rs 900 crore from the overall allocation of Rs 3,442.32 crore on Tuesday.

Kehlo India's share, announced in the budget presented by finance minister Nirmala Sitharaman here, is Rs 20 crore more than the revised allocation of Rs 880 crore during the previous financial year.

With the Olympic cycle set to come to an end in Paris in August this year, and the Commonwealth Games and Asian Games still two years away, the budget for the Sports Ministry has seen only a marginal increase of Rs 45.36 crore from the previous cycle.

The budget for the previous cycle was Rs 3,396.96 crore for the previous financial year.

The government has invested heavily in Khelo India over the years as the programme continues to unearth talent from all parts of the country.

While Khelo India's actual allocation in 2022-23 stood at Rs 596.39 crore, it was increased by more than Rs 400 crore, to Rs 1,000 crores, in the 2023-24 budget, before being revised to Rs 880 crore.

The government has continued to add programmes ever since the inaugural Khelo India Youth Games (KIYG) were held in 2018.

The ministry added Khelo India University Games in 2020, before also launching the Khelo India Winter Games the same year and the Khelo India Para Games in 2023.

Hundreds of Khelo India State Centres of Excellence (KISCE) have been set up across the country, which aim to provide facilities for athletes with potential. Several Khelo India athletes are currently in India's Olympic-bound contingent.

The government's assistance to National Sports Federations (NSFs) has also seen an increase of Rs 15 crore -- from Rs 325 crore in 2023-24 to Rs 340 crore in the latest budget.

The budget for Sports Authority of India, which apart from maintaining its stadia across the country also manages the Target Olympic Podium Scheme (TOPS) to prepare athletes for the global sporting extravaganzas, has also been enhanced from Rs 795.77 crore to Rs 822.60 crore, which is a jump of Rs 26.83 crore.

The National Anti-Doping Agency (NADA) and the National Dope Testing Laboratory (NDTL), which does all the testing, have received marginal increase in their budgets.

While NADA's budget has gone up from Rs 21.73 crore last year to Rs 22.30 crore, NDTL has got Rs 22 crore, up from Rs 19.50 last year.

New Delhi | The Department of Social Justice and Empowerment has been allocated Rs 13,539 crore in the 2024-2025 budget, an increase of 37 per cent from the 2023-2024 revised estimates of Rs 9,853.32 crore.

This increase is primarily focused on enhancing welfare programmes for marginalised communities and improving infrastructure for social services.

The key areas of funding include Rs 9,549.98 crore for the 'Umbrella Scheme for Development of Scheduled Castes', a significant increase from the Rs 6,780 crore in the previous financial year.

For achieving social justice comprehensively, the saturation approach of covering all eligible people through various programmes, including those for education and health, will be adopted, Finance Minister Nirmala Sitharaman said on Tuesday while presenting the 2024-25 Union Budget in Parliament.

She said to ensure inclusive human resource development, a social justice saturation approach will be adopted.

Social justice through the saturation approach refers to a strategy where the government aims to ensure that all eligible individuals are covered by various programmes and initiatives.

The department has been allocated Rs 2,150 crore for the 'Umbrella Programme for Development of Other Vulnerable Groups' and Rs 314 crore for the National Action Plan for Drug Demand Reduction.

The establishment expenditure of Rs 145.80 crore for the central administration includes allocations for the secretariat and national commissions. The amount is a slight decrease from the previous year's Rs 152.60 crore.

The National Commission for Scheduled Castes has been allocated Rs 38 crore and the National Commission for Backward Classes Rs 21 crore.

The budget of the Development and Welfare Board for Denotified, Nomadic and Semi-Nomadic Communities remains at Rs 5 crore.

Central sector schemes and projects are among the focus areas of this budget, with the Scholarships for Higher Education for Young Achievers Scheme for Scheduled Castes being allocated Rs 428 crore.

This scheme encompasses various sub-schemes, including the National Fellowship for SCs, Free Coaching for SCs and OBCs, Top Class Education for SCs and the National Overseas Scholarship for SCs.

The Scheme of Residential Education for Students in High School in Targeted Areas for SCs has been allocated Rs 133.07 crore.

The department also prioritises economic assistance and skill development through initiatives like the Pradhan Mantri Dakshta Aur Kushalta Sampann Hitgrahi Yojana -- that has been allocated Rs 130 crore -- and the Venture Capital Fund for SCs and OBCs -- that has bee allocated Rs 50 crore.

Additionally, the Self Employment Scheme for Rehabilitation of Manual Scavengers, which previously had allocations, does not feature in the current budget, indicating a possible reallocation of funds or a change in strategy.

Support for marginalised individuals, particularly through the Support for Marginalized Individuals for Livelihood and Enterprise programme, which includes comprehensive rehabilitation for persons engaged in begging and welfare of transgender persons, has been allocated Rs 98.46 crore.

This marks a substantial increase from the previous year's Rs 32.82 crore, highlighting a growing commitment to addressing these vulnerable groups' needs.

Transfers to states and Union Territories under centrally sponsored schemes form a major part of the budget.

New Delhi | The government on Tuesday proposed a transit-oriented development plan for 14 large cities with a population of over 30 lakh in its budget for 2024-25 and said it will formulate a framework for the creative redevelopment of cities.

Presenting the Budget in the Lok Sabha, Finance Minister Nirmala Sitharaman underscored that the Union government will work with states to facilitate the development of cities as "growth hubs".

"This will be achieved through economic and transit planning, and orderly development of peri-urban areas utilising town planning schemes", the minister said.

"Transit-oriented development plans for 14 large cities with a population above 30 lakh will be formulated, along with an implementation and financing strategy," Sitharaman said in her budget speech.

The minister also announced Central assistance of Rs 2.2 lakh crore for urban housing over the next five years as well as an interest subsidy scheme to facilitate loans at affordable rates for urban housing works.

She said the Central government will put in place measures for an efficient and transparent rental housing market with enhanced availability.

The minister proposed a scheme to support the development of 100 weekly haats or street food hubs in select cities.

Sitharaman added that rental housing with dormitory type accommodation for industrial workers will be facilitated in PPP (public–private partnership) mode with VGF (viability gap funding) support and commitment from anchor industries.” Enabling policies and regulations for efficient and transparent rental housing markets with enhanced availability will also be put in place, she said.

About water supply and sanitation, the minister announced that the Centre in partnership with state governments and multilateral development banks will promote water supply, sewage treatment and solid waste management projects and services for 100 large cities through bankable projects.

According to her, these projects will also envisage use of treated water for irrigation and filling up of tanks in nearby areas.

The minister stressed that the Central government will encourage states, which continue to charge high stamp duty, to moderate the rates for all, and also consider further lowering duties for properties purchased by women.

This reform will be made an essential component of urban development schemes, she added.

New Delhi | Gold, silver and other precious metals along with imported mobile phones, certain cancer drugs and medical devices are set to become cheaper with Finance Minister Nirmala Sitharaman announcing cuts in customs duty in the Union Budget 2024-25.

However, certain items such as imported garden umbrellas and laboratory chemicals are also set to become costly due to an increase in basic customs duty.

The following is a list of items set to become cheaper and costlier.

a) Cheaper:

Gold bar and dore

Silver bar and dore

Platinum, Palladium, Osmium, Ruthenium and Iridium Coins of precious metals

Platinum and Palladium used in the manufacture of noble metal solutions, noble metal compounds and catalytic convertors Cancer Drugs - Trastuzumab Deruxtecan, Osimertinib, Durvalumab Medical Equipment -

All types of polyethylene for use in manufacture of orthopaedic implants X-ray tubes for use in manufacture of X-ray machines for medical, surgical, dental or veterinary use Flat panel detectors (including scintillators) for use in manufacture of X-ray machines for medical, surgical, dental or veterinary use Imported cellular mobile phone

Charger/Adapter of cellular mobile

Printed Circuit Board Assembly (PCBA) of cellular mobile phone Specified capital goods for use in manufacture of solar cells or solar modules, and parts for manufacture of such capital goods Shea nuts

Fish lipid oil for use in manufacture of aquatic feed Crude fish oil for use in manufacture of aquatic feed Natural Graphite

Natural sands of all kinds

Quartz

Critical Minerals

Lithium carbonates

Lithium oxide and hydroxide

Nitrates of potassium

Steel Sector - Ferro Nickel and Blister Copper Textile and Leather Sector - Methylene Diphenyl Di-isocyanate (MDI) for use in the manufacture of Spandex Yarn b) Costlier

Poly vinyl chloride (PVC) flex films (also known as PVC flex banners or PVC flex sheets) Garden umbrellas

Laboratory chemicals

Solar glass for manufacture of solar cells or solar modules Tinned copper interconnect for manufacture of solar cells or solar modules.

New Delhi | Finance Minister Nirmala Sitharaman on Tuesday retained the allocation to state-owned National Highways Authority of India (NHAI) at Rs 1.68 lakh crore for 2024-25.

Sitharaman in her pre-election Budget earlier this year had allocated Rs 1.68 lakh crore to NHAI for 2024-25.

The Budget 2024-25 also retained the outlay of Rs 2.78 lakh crore for the highways sector. The pre-election Budget 2024-25 document had an outlay of Rs 2.78 lakh crore for the highways sector.

An allocation of Rs 2.70 lakh crore was made for the highways sector for 2023-24, which was revised to Rs 2.76 lakh crore.

NHAI and National Highways and Infrastructure Development Corporation Ltd (NHIDCL) are primarily responsible for the construction of national highways and expressways in India.

New Delhi | The government on Tuesday allocated Rs 6,21,940 crore for the defence budget for 2024-25, up from last year's outlay of Rs 5.94 lakh crore.

The capital outlay has been pegged at Rs 1,72,000 crore.

The total allocation to the defence sector is 12.9 per cent of the total budget of the government of India for the financial year 2024-25.

Defence Minister Rajnath Singh said the allocation of Rs 1,05,518 crore for domestic capital procurement will provide further impetus to atmanirbharta (self-reliance) in the defence sector.

As far as the allocation to the Ministry of Defence is concerned, I thank Finance Minister Nirmala Sitharaman for giving the highest allocation to the tune of Rs 6,21,940.85 crore, which is 12.9 per cent of the total budget of the government for 2024-25, Singh said on X.

"The capital outlay of Rs 1,72,000 crore will further strengthen the capabilities of Armed Forces. Earmarking of Rs 1,05,518.43 crore for domestic capital procurement will provide further impetus to Atmanibharta," he said.

"I am pleased that Border Roads have been given 30 per cent increase in allocation over the last budget under the capital head. This allocation of Rs 6,500 crore to BRO will further accelerate our border infrastructure," he said.

To boost the startup ecosystem in defence industries, Rs 518 crore has been allocated to the iDEX scheme to fund technological solutions given by startups, MSMEs and innovators, Singh said.

In the interim budget presented on February 1, the government's defence budget was pegged at Rs 6.21 lakh crore.

New Delhi | In a bid to provide jobs to the youth, Finance Minister Nirmala Sitharaman on Tuesday proposed to launch an ambitious scheme for providing internship opportunities in 500 top companies to 1 crore youth over a five-year period.

Under the scheme, an internship allowance of Rs 5,000 per month, along with a one-time assistance of Rs 6,000 will be provided to youths.

"As the 5th scheme under the Prime Minister's package, our government will launch a comprehensive scheme for providing internship opportunities in 500 top companies to 1 crore youth in five years," Sitharaman said in her Budget speech.

These youths will gain exposure for 12 months to real-life business environments, varied professions and employment opportunities.

She said that companies will bear the training cost and 10 per cent of the internship cost from their CSR (corporate social responsibility) funds.

As per the Companies Act 2013, certain classes of profitable organisations are required to shell out at least 2 per cent of the three-year annual net profit towards CSR activities in a particular financial year.

New Delhi | The Union health ministry has been allocated Rs 90,958.63 crore in the 2024-2025 budget, an increase of 12.96 per cent over the Rs 80,517.62 crore 2023-24 revised estimates.

The government has also announced Customs duty exemptions on three cancer treatment drugs -- Trastuzumab Deruxtecan, Osimertinib and Durvalumab.

"To provide relief to cancer patients, I propose to fully exempt three more medicines from Customs duties. I also propose changes in the BCD (Basic Customs Duty) on X-Ray tubes and flat panel detectors for use in medical X-Ray machines under the Phased Manufacturing Program," Finance Minister Nirmala Sitharaman said on Tuesday while presenting the budget in Parliament.

The budget allocation for the AYUSH Ministry has been increased from Rs 3,000 crore to Rs 3,712.49 crore.

Out of the Rs 90,958.63 crore, Rs 87,656.90 crore has been allocated to the Department of Health and Family Welfare and Rs 3,301.73 crore to the Department of Health Research.

The budget allocation for schemes under the Department of Health and Family Welfare has been increased from Rs 77,624.79 crore to Rs 87,656.90 crore.

Among the centrally sponsored schemes, the budget allocation for the National Health Mission has been increased from Rs 31,550.87 crore in 2023-24 to Rs 36,000 crore in 2024-25 and for the Pradhan Mantri Jan Arogya Yojna (PM-JAY) from Rs 6,800 crore to Rs 7,300 crore.

For the National Tele Mental Health Programme, the budget allocation has been increased from Rs 65 crore to Rs 90 crore.

The allocation for the National Digital Health Mission remains the same at Rs 200 crore.

The budget allocation for autonomous bodies has been increased from Rs 17,250.90 crore in 2023-2024 to Rs 18,013.62 crore in 2024-25. Among these bodies, the allocation for AIIMS, New Delhi, has been increased from Rs 4,278 crore to Rs 4,523 crore.

The allocation for the Indian Council of Medical Research has been increased from 2295.12 crore to Rs 2,732.13 crore.

New Delhi | Finance Minister Nirmala Sitharaman on Tuesday said a solution will be evolved with respect to the New Pension Scheme (NPS) that will address relevant issues and ensure fiscal prudence.

Last year, the finance ministry had set up a committee under Finance Secretary T V Somanathan to review the pension scheme for government employees and suggest any changes, if needed, in the light of the existing framework and structure of the National Pension System.

Several non-BJP-ruled states had decided to revert to the DA-linked Old Pension Scheme (OPS) and also employee organisations in some other states have raised demand for the same.

In her Budget Speech in the Lok Sabha, Sitharaman said the Committee to review the NPS has made considerable progress in its work.

She said the staff side of the National Council of the Joint Consultative Machinery for Central Government Employees have taken a constructive approach.

"A solution will be evolved which addresses the relevant issues while maintaining fiscal prudence to protect the common citizens," the minister said.

Under the OPS, retired government employees received 50 per cent of their last drawn salary as monthly pensions. The amount keeps increasing with the hike in the DA rates.

The Finance Minister also announced measures to improve social security benefits.

Towards this, she said deduction of expenditure by employers towards NPS is proposed to be increased from 10 to 14 per cent of the employee's salary.

Similarly, deduction of this expenditure up to 14 per cent of salary from the income of employees in private sector, public sector banks and undertakings, opting for the new tax regime, is proposed to be provided.

The Finance Minister also proposed to start 'NPS-Vatsalya', a plan for contribution by parents and guardians for minors.

On attaining the age of majority, the plan can be converted seamlessly into a normal NPS account.

New Delhi | For every rupee in the government coffer, the biggest pie of 63 paise will come from direct and indirect taxes, according to the Union Budget 2024-25 documents.

The remaining 27 paise will come from borrowings and other liabilities, 9 paise from non-tax revenue like disinvestment, and 1 paise from non-debt capital receipts, the Budget documents said.

In all, 36 paise will come from direct taxes, including corporate and individual income tax. Income tax will yield 19 paise, while corporate tax will account for 17 paise, it said.

Among indirect taxes, goods and services tax (GST) will contribute the maximum 18 paise in every rupee of revenue.

Besides, the government is looking to earn 5 paise out of every rupee from excise duty and 4 paise from customs levy.

The collection from "borrowings and other liabilities" will be 27 paise per rupee, as per the Union Budget 2024-25 presented in Parliament by Finance Minister Nirmala Sitharaman on Tuesday.

The Budget documents provide a fractional break-up for Re 1 that comes in and gets spent.

On the expenditure side, the outlay for interest payments and states' share of taxes and duties, respectively, stood at 19 paise and 21 paise for every rupee.

Allocation for defence stands at 8 paise per rupee.

Expenditure on central sector schemes will be 16 paise out of every rupee, while the allocation for centrally-sponsored schemes is 8 paise.

The expenditure on 'Finance Commission and other transfers' is pegged at 9 paise. Subsidies and pension will account for 6 paise and 4 paise, respectively.

The government will spend 9 paise out of every rupee on 'other expenditures'.

New Delhi | The government will set up a venture capital fund of Rs 1,000 crore to promote space technology, Finance Minister Nirmala Sitharaman said on Tuesday, an announcement welcomed warmly by the industry.

Several stakeholders, including the Indian Space Association (ISpA) as well as the heads of the Indian National Space Promotion and Authorisation Centre (IN-SPACe) and Pixxel Space, said the provisions announced in Budget 2024-25 would fuel growth and development of the sector.

“With our continued emphasis on expanding the space economy by five times in the next 10 years, a venture capital fund of Rs 1,000 crore will be set up,” Sitharaman said in the Lok Sabha while presenting the Union Budget.

According to IN-SPACe chairperson Pawan Goenka, the announcement of a focused venture fund of Rs 1,000 crore will give a major boost to new entrepreneurs and non-government entities (NGEs) in the space sector.

He said INSPACe looked forward to supporting the growth of the space economy and nurturing an enabling ecosystem for NGEs.

“The fund along with the existing policies for the space sector will fuel technological innovation and create a fertile ground for NGE's to thrive,” Goenka told PTI.

Bengaluru-based start-up Pixxel Space CEO Awais Ahmed said the venture capital fund will provide crucial financial support to innovative startups and companies, enabling them to scale their technologies and contribute to India's space ambitions.

“Such a significant investment underscores the government's commitment to fostering a robust and dynamic space ecosystem,” Ahmed told PTI.

Chennai-based start-up Agnikul Cosmos added that the venture capital fund will help larger players emerge out of India's startup ecosystem.

“Wonderful news for all of us in the sector... This also shows that the government is continuing to strongly back its vision of making India have a larger chunk of the global space economy,” Agnikul Cosmos CEO Srinath Ravichandran said.

The VC fund addresses a crucial funding gap in nascent space R&D and this initiative will be transformative in building sovereign capabilities, fostering local IP creation, and driving innovation, according to KaleidEO COO Arpan Sahoo.

In the view of industry body Indian Space Association, the move demonstrates the government's commitment to the sector.

“The announcement of a Rs 1,000 crore VC fund is a step forward, addressing the funding challenges faced by these nascent ventures in this capital-intensive domain,” ISpA Director General Lt Gen AK Bhatt (Retd) said.

The establishment of 12 industrial parks across India will also provide a substantial boost to the space and satellite manufacturing industry, which has long called for the creation of space parks.

“These measures are pivotal for the growth and development of India's space ecosystem,” Bhatt said.

"The announcement of the Rs 1,000 crore venture capital fund for the space sector is a commendable initiative that will significantly foster innovation and growth within this critical industry. Every rupee invested promises substantial returns, as the space sector holds immense potential for contributing to GDP growth and enhancing national infrastructure,” said Anil Prakash, director general of the Satcom Industry Association-India.

New Delhi | The government on Tuesday proposed to fully exempt three cancer medicines from custom duties.

"To provide relief to cancer patients, I propose to fully exempt three more medicines from customs duties," Finance Minister Nirmala Sitharaman said while presenting the Union Budget for 2024-25 in the Lok Sabha.

The government proposes to cut custom duties on Trastuzumab Deruxtecan, Osimertinib and Durvalumab from 10 per cent to nil.

She also proposed changes in the basic customs duty (BCD) on x-ray tubes and flat panel detectors for use in medical x-ray machines under the phased manufacturing programme, so as to synchronise them with domestic capacity addition.

"My proposals for customs duties intend to support domestic manufacturing, deepen local value addition, promote export-competitiveness, and simplify taxation, while keeping the interest of the general public and consumers surmount," Sitharaman said.

FICCI Health Services Committee Chairman and Founder & Chairman Mahajan Imaging & Labs Harsh Mahajan said the exemption of customs duty on three life saving medicines for cancer treatment is a welcome step.

Fortis Hospital Principle Director and Chief of Neurology Praveen Gupta said the exemption of custom duties on three cancer medicines and reduction of duties on certain medical technologies such as x-ray tubes and flat panel detectors is a significant move to strengthen domestic capabilities in the healthcare sector.

"Though these measures are far less than expected, they will make advanced cancer treatments more affordable and accessible, addressing a critical need given the high cost of such treatments," he added.

New Delhi | The Union government on Tuesday proposed unique identification number for land or 'Bhu-Aadhaar' in rural areas and digitisation of all urban land records as part of several land-related reforms in the Budget.

In her speech, Finance Minister Nirmala Sitharaman said the Centre would work with states to carry out these land reforms, both in rural and urban areas. The Centre would provide fiscal support to incentivise states to complete these reforms within the next three years.

Working with states, the finance minister said the government will initiate land-related reforms by state governments.

"Land-related reforms and actions, both in rural and urban areas, will cover (1) land administration, planning and management, and (2) urban planning, usage and building bylaws. These will be incentivized for completion within the next 3 years through appropriate fiscal support," Sitharaman said.

On rural land-related actions, she said these would include assignment of Unique Land Parcel Identification Number (ULPIN) or Bhu-Aadhaar for all lands; digitization of cadastral maps; survey of map sub-divisions as per current ownership; establishment of land registry; and linking to the farmers registry.

These actions will also facilitate credit flow and other agricultural services, the minister added.

On urban land-related actions, Sitharaman said, "Land records in urban areas will be digitized with GIS mapping. An IT based system for property record administration, updating, and tax administration will be established. These will also facilitate improving the financial position of urban local bodies."

The finance minister outlined that the central government would formulate an "economic policy framework" to delineate the overarching approach to economic development and set the scope of the next generation of reforms for facilitating employment opportunities and sustaining high growth.

"Our government will initiate and incentivize reforms for (1) improving productivity of factors of production, and (2) facilitating markets and sectors to become more efficient. These reforms will cover all factors of production, namely land, labour, capital and entrepreneurship, and technology as an enabler of improving total factor productivity and bridging inequality," she said.

An effective implementation of several of these reforms requires collaboration between the Centre and the states and building consensus, as development of the country lies in development of the states, the finance minister stressed.

"For promoting competitive federalism and incentivizing states for faster implementation of reforms, I propose to earmark a significant part of the 50-year interest-free loan," she said.

New Delhi | The government on Tuesday announced setting up of hubs to promote exports through e-commerce medium in public-private-partnership (PPP) mode.

Finance Minister Nirmala Sitharaman said that these hubs, under a seamless regulatory and logistic framework, will facilitate trade and export-related services under one roof.

"To enable MSMEs (micro, small and medium enterprises) and traditional artisans to sell their products in international markets, e-commerce export hubs will be set up in PPP mode," she said.

Commerce Secretary Sunil Barthwal has recently said that a regulatory framework to push the country's exports through e-commerce medium is expected to be ready by September.

At present, India's exports through this medium are only about USD 5 billion compared to China's USD 300 billion, annually. There is a potential to take it to USD 50-100 billion in the coming years.

Through these hubs, small producers will be facilitated to sell to aggregators and then that aggregator will find markets to sell.

Export products which hold huge potential include jewellery, apparel, handicrafts and ODOP (one district one product) goods.

The commerce ministry's arm DGFT is also working with the RBI and concerned ministries, including the finance ministry, on several steps to promote exports through e-commerce medium as huge export opportunities are there in the sector.

In such hubs, export clearances can be facilitated. Besides, it can also have warehousing facilities, customs clearance, returns processing, labelling, testing and repackaging.

Federation of Indian Export Organisations Director General Ajay Sahai has earlier stated that it will be a kind of bonded zone which will facilitate exports and imports of e-commerce cargo and to a large extent address the problem of re-imports because in e-commerce, about 25 per cent of goods are re-imported.

Last year, the cross-border e-commerce trade was about USD 800 billion and is estimated to reach USD 2 trillion by 2030.

A report by economic think tank GTRI India's e-commerce exports have the potential to reach USD 350 billion by 2030, but banking issues hinder growth and increase operational costs.

India has set a target of USD 1 trillion of merchandise exports by 2030 and cross-border e-commerce trade has been identified as one of the mediums to meet this aim.

New Delhi | The Centre has allocated over Rs 951 crore to the country's premier probe agency Central Bureau of Investigation in Budget 2024-25 announced on Tuesday, a slight dip of over 1.79 per cent from the last fiscal.

The agency had received Rs 968.86 crore to manage its affairs in the Revised Budget Estimates for 2023-24.

The government has allocated Rs 951.46 crore to the agency for 2024-25, according to the Budget document presented by Finance Minister Nirmala Sitharaman on Tuesday.

The provision is for establishment-related expenditure of the agency, which is entrusted with investigation and prosecution in corruption cases against public servants, private persons, firms and other cases of serious crimes, the budget document read.

This also includes the provision for various projects such as Modernization of Training Centres of CBI, Establishment of Technical and Forensic Support Units, Comprehensive modernisation and purchase of land/construction of office/residence buildings for the CBI, it said.

New Delhi | Finance Minister Nirmala Sitharaman on Tuesday announced a cut in customs duty on minerals such as lithium, copper and cobalt, which are critical for nuclear energy, renewable and other sectors, to give a fillip to the energy transition.

In her budget speech in Lok Sabha, Sitharaman recalled that in the interim budget she had announced a strategy to sustain high and more resource-efficient economic growth, along with energy security in terms of availability, accessibility and affordability.

"We will bring out a policy document on appropriate energy transition pathways that balances the imperatives of employment, growth and environmental sustainability," she said.

Noting that minerals such as lithium, copper, cobalt and rare earth elements are critical for sectors like nuclear energy, renewable energy, space, defence, telecommunications, and high-tech electronics, she proposed to fully exempt customs duties on 25 critical minerals and reduce BCD (basic customs duty) on two of them.

This will provide a major fillip to the processing and refining of such minerals and help secure their availability for these strategic and important sectors, she said.

She stated that energy transition is critical in the fight against climate change.

To support energy transition, she proposed to expand the list of exempted capital goods for use in the manufacture of solar cells and panels in the country.

Further, she stated that in view of sufficient domestic manufacturing capacity of solar glass and tinned copper interconnect, I propose not to extend the exemption of customs duties provided to them.

Noting that steel and copper are important raw materials and to reduce their cost of production, she proposed to remove the BCD on ferro nickel and blister copper.

"I am also continuing with nil BCD on ferrous scrap and nickel cathode and concessional BCD of 2.5 per cent on copper scrap," she said.

About the PM Surya Ghar Muft Bijli Yojana, which was rolled out earlier this year, he informed the House that in line with the announcement in the interim budget, PM Surya Ghar Muft Bijli Yojana has been launched to install rooftop solar plants to enable 1 crore households obtain free electricity up to 300 units every month.

The scheme has generated remarkable response with more than 1.28 crore registrations and 14 lakh applications, and we will further encourage it, he stated.

She further stated that a policy for promoting pumped storage projects will be brought out for electricity storage and facilitating smooth integration of the growing share of renewable energy with its variable & intermittent nature in the overall energy mix.

She stated that nuclear energy is expected to form a very significant part of the energy mix for Viksit Bharat.

Towards that pursuit, our government will partner with the private sector for setting up Bharat Small Reactors; research & development of Bharat Small Modular Reactor and research & development of newer technologies for nuclear energy, she informed the House.

The R&D funding announced in the interim budget will be made available for this sector, she added.

The development of indigenous technology for Advanced Ultra Super Critical (AUSC) thermal power plants with much higher efficiency has been completed, she informed the House.

A joint venture between NTPC and BHEL will set up a full-scale 800 MW commercial plant using AUSC technology and the government will provide the required fiscal support, she added.

Moving forward, the development of indigenous capacity for the production of high-grade steel and other advanced metallurgy materials for these plants will result in strong spin-off benefits for the economy, she pointed out.

A roadmap for moving the ‘hard to abate' industries from ‘energy efficiency' targets to ‘emission targets' will be formulated, she stated adding that appropriate regulations for the transition of these industries from the current ‘Perform, Achieve and Trade' mode to ‘Indian Carbon Market' mode will be put in place.

She further stated that an investment-grade energy audit of traditional micro and small industries in 60 clusters, including brass and ceramic, will be facilitated.

Financial support will be provided for shifting them to cleaner forms of energy and implementation of energy efficiency measures. The scheme will be replicated in another 100 clusters in the next phase, she stated.

Gaurav Kedia, Chairman, Indian Biogas Association said that the Union Budget 2024 has unveiled a roadmap towards a sustainable and resilient India, with agriculture and energy security at its core.

It is anticipated that these initiatives will catalyze the growth of the biogas industry, leading to increased rural employment, reduced carbon emissions, and improved soil health, he stated.

New Delhi | The Union Budget 2024-25 on Tuesday allocated Rs 2,19,643 crore to the Ministry of Home Affairs with the majority of it -- Rs 1,43,275 crore -- being given to central police forces like the CRPF, BSF, and CISF which are responsible for internal security, border guarding, and security of vital installations.

In the budget, Rs 42,277 crore has been allocated to the Union Territory of Jammu and Kashmir, which is currently under the direct control of the central government, Rs 5,985 crore has been given to Andaman and Nicobar Islands, Rs 5,862 crore to Chandigarh, and Rs 5,958 crore to Ladakh among others.

For the expenditure of the Union Cabinet, Rs 1,248 crore has been earmarked and Rs 6,458 crore has been given for disaster management, relief and rehabilitation, and grants-in-air to state governments among others.

New Delhi | The government has proposed to increase import duty on motherboards, technically called printed circuit boards, by 5 per cent in the Union Budget 2024-25 to boost domestic telecom gear manufacturing.

"To incentivise domestic manufacturing, I propose to increase the BCD (Basic Customs Duty) from 10 to 15 per cent on PCBA (printed circuit board assembly) of specified telecom equipment," Finance Minister Nirmala Sitharaman said.

The increase in basic customs duty for telecom PCB assembly comes with the exemption of critical minerals that are used in the manufacturing of communication equipment.

The finance minister proposed to fully exempt 25 minerals, such as lithium, copper, cobalt and rare earth elements, which are critical for sectors like nuclear energy, renewable energy, space, defence, telecommunications, and high-tech electronics from customs duties and reduce basic customs duty on two of them.

"This will provide a major fillip to the processing and refining of such minerals and help secure their availability for these strategic and important sectors," Sitharaman said.

New Delhi | The government on Tuesday announced certain incentives as part of efforts to boost maintenance, repair and overhaul activities in the country's aviation and shipping sectors.

India is one of the fastest growing domestic aviation markets in the world.

"To promote domestic aviation and boat & ship MRO, I propose to extend the period for export of goods imported for repairs from six months to one year. In the same vein, I propose to extend the time-limit for re-import of goods for repairs under warranty from three to five years," Finance Minister Nirmala Sitharaman said, as she presented the Union Budget for 2024-25.

The government has been working on ways to boost the Maintenance, Repair and Overhaul (MRO) activities in the aviation sector as most of such works are currently done outside the country.

Earlier this month, the government implemented the 5 per cent uniform Integrated Goods and Services Tax (IGST) rate on all aircraft and aircraft engine parts.

Prior to this change, IGST rates on all aircraft and engine parts were in the range of 5 per cent to 28 per cent.

New Delhi | Union Finance Minister Nirmala Sitharaman on Tuesday announced that comprehensive development of Vishnupad Temple corridor at Gaya and Mahabodhi Temple at Bodh Gaya in Bihar will be supported by the government to transform them into world-class pilgrim and tourist destinations.

These corridors will be modelled on the successful Kashi Vishwanath Temple Corridor, she said.

Vishnupad Temple is one of the most ancient Hindu shrines located next to the Falgu river, while the Mahabodhi Temple is a UNESCO World Heritage Site.

"Tourism has always been a part of our civilisation. Our efforts in positioning India as a global tourist destination will also create jobs, stimulate investments and unlock economic opportunities for other sectors," Sitharaman said in her Union Budget 2024-25 speech.

In addition to the measures outlined in the Interim Budget, she proposed some measures related to the tourism sector.

"Vishnupad Temple at Gaya and Mahabodhi Temple at Bodh Gaya in Bihar are of immense spiritual significance. Comprehensive development of Vishnupad temple corridor and Mahabodhi Temple corridor will be supported, modelled on the successful Kashi Vishwanath Temple Corridor to transform them into world-class pilgrim and tourist destinations," she said.

In her address, she also made announcements for development of Rajgir and Nalanda in Bihar.

"Rajgir holds immense religious significance for Hindus, Buddhists and Jains. The 20th Tirthankara Munisuvrat temple in the Jain temple complex is ancient. The Saptarishi or the seven hot springs form a warm water Brahm Kund that is sacred. A comprehensive development initiative for Rajgir will be undertaken.

"Our government will support the development of Nalanda as a tourist centre, besides reviving Nalanda university to its glorious stature," she added.

Nalanda is also home to the ruins if the ancient Nalanda university -- a UNESCO World Heritage Site.

"Odisha's scenic beauty, temples, monuments, craftsmanship, wildlife sanctuaries, natural landscapes and pristine beaches make it an ultimate tourism destination. Our government will provide assistance for their development to Odisha as well," she said.

The announcements by the finance minister comes at a time when the 46th session of the World Heritage Committee is underway in New Delhi.

The session that will run from July 21-31 was inaugurated on Sunday by Prime Minister Narendra Modi in the presence of Director General of UNESCO, Audrey Azoulay, among others.

New Delhi | In sops for the middle class, Finance Minister Nirmala Sitharaman on Tuesday hiked standard deduction by 50 per cent to Rs 75,000 and tweaked tax slabs under the new income tax regime to provide more money in the hands of salaried class with a view to boost consumption.

She said salaried employees in the new tax regime could save up to Rs 17,500 in income tax annually following the changes announced in the Budget.

The standard deduction for salaried employees is proposed to be increased from Rs 50,000 to Rs 75,000 annually. Similarly, deduction on family pension for pensioners is proposed to be enhanced from Rs 15,000 to Rs 25,000.

"This will provide relief to about four crore salaried individuals and pensioners," Sitharaman said in her Budget speech.

In the last fiscal, more than two-thirds individual taxpayers have availed the new personal income tax regime. Over 8.61 crore I-T returns were filed in 2023-24 fiscal.

The new tax slabs under the new income tax regime will be effective from April 1, 2024. (Assessment Year 2025-26).

Sitharaman said income of up to Rs 3 lakh will continue to be exempted from income tax under the new regime.

As per the proposal, a 5 per cent tax will be levied on income between Rs 3-7 lakh, 10 per cent between Rs 7-10 lakh, 15 per cent for Rs 10-12 lakh.

However, 20 per cent tax will continue to be levied on income between Rs 12-15 lakh and 30 per cent for income above Rs 15 lakh.

Under the existing new I-T regime, a 5 per cent tax is levied on income between Rs 3-6 lakh, 10 per cent for income between Rs 6-9 lakh.

Income between Rs 9-12 lakh and Rs 12-15 lakh is subject to 15 per cent and 20 per cent tax, respectively. A 30 per cent I-T would be applicable on income above Rs 15 lakh.

New Delhi | Finance Minister Nirmala Sithraman on Tuesday proposed to increase the rate of securities transaction tax (STT) on futures and options (F&O) trade to discourage retail investors' participation in the risky instrument.

"It is proposed to increase the rates of STT on the sale of an option in securities from 0.0625 per cent to 0.1 per cent of the option premium, and on sale of a futures in securities from 0.0125 per cent to 0.02 per cent of the price at which such futures are traded," she said in the Union Budget speech.

This came after the Economic Survey flagged concerns over rising retail investors' interest in derivative trading. The survey stated that speculative trade has no place in a developing country.

It also pointed out that the sharp increase in retail investor participation in F&O trading is likely driven by humans' gambling instincts.

"Derivatives trading holds the potential for outsized gains. Thus, it caters to humans' gambling instincts and can augment income if profitable. These considerations are likely driving active retail participation in derivatives trading," according to the Economic Survey 2023-24.

Recently, Sebi chief Madhabi Puri Buch also cautioned investors against heavy bets on F&O. Before that, Sitharaman and chief economic adviser V Anantha Nageswaran flagged the growing risk of F&O trading for retail investors.

F&O trading continues to grow in popularity, and market experts believe that this is driven by the potential for profit and the rising trading volumes. Experts said investors who lack understanding or risk appetite should avoid derivatives trading.

The segment's popularity is evident from its massive growth, with the monthly turnover in the F&O segment reaching Rs 8,740 lakh crore in March 2024, compared to Rs 217 lakh crore in March 2019.

At the same time, the average daily turnover in the equity cash segment was Rs 1 lakh crore, while the F&O segment saw an average daily turnover of about Rs 330 lakh crore.

Futures and Options trading involves contracts that derive their value from an underlying asset, such as stocks or commodities. Futures contracts obligate the buyer and seller to transact at a predetermined future date and price, while options give the holder the right, but not the obligation, to buy or sell the asset at a set price within a specific period.

These financial instruments are used for hedging risks, speculating on price movements, and arbitraging price differences. However, they come with significant risks, including leverage risk and market volatility, which can lead to substantial losses.

Futures and Options trading is largely being utilised as a speculative tool for quick profits in the stock market. However, the reality is that most retail investors are losing money.

A study by the Securities and Exchange Board of India (Sebi) revealed that 89 per cent of individual traders in the equity F&O segment suffered losses, with average losses of Rs 1.1 lakh in FY22.

Additionally, there was an exponential increase in the F&O segment participation during the pandemic, with the total number of unique individual traders increasing by over 500 per cent from 7.1 lakh in FY19 to 45.24 lakh in FY21, the study noted.

Earlier, Buch stated that the capital markets regulator is "compelled" to warn against speculative bets in the F&O segment because it has become a "macro issue", affecting the broader economy now.

Household financial savings are going into the speculative bets, belying the expectations of being used for capital formation, and the youth is losing tonnes of money in such trades, she stated.

Last month, the Sebi board approved stricter norms for the entry of individual stocks in the derivatives segment. The proposal is aimed at weeding out stocks with consistently low turnover from the F&O segment of the bourses.

New Delhi | The government on Tuesday proposed slashing import duty on mobile phones, chargers and some components that are used for manufacturing of handsets in the Union Budget for fiscal year 2024-25.

Finance Minister Nirmala Sitharaman said with a three-fold increase in domestic production and almost 100-fold jump in exports of mobile phones over the last six years, the Indian mobile phone industry has matured.

"In the interest of consumers, I now propose to reduce the BCD (basic customs duty) on mobile phone, mobile PCBA and mobile charger to 15 per cent," Sitharaman said.

Mobile phone industry body ICEA said that the move will enhance export competitiveness of India in the segment.

"We had recommended to reduce BCD on mobile phones, its PCBA and charger/adapter to 15 per cent, which has been accepted. The mobile and electronics industry is elated with the announcements and will go a long way to enhance manufacturing, exports and our competitiveness," ICEA chairman Pankaj Mohindroo said.

New Delhi | Finance Minister Nirmala Sitharaman on Tuesday proposed a simpler tax regime for foreign shipping companies operating domestic cruises in the country, with an aim to give fillip to cruise tourism in India.

Presenting the Union Budget for FY25, she said ownership, leasing and flagging reforms will be implemented to improve the share of the Indian shipping industry and generate more employment.

"To give a fillip to this employment generating industry, I am proposing a simpler tax regime for foreign shipping companies operating domestic cruises in the country," she said.

There is tremendous potential for cruise tourism in India, the minister added.

Shimla | Himachal Pradesh, which suffered major losses due to floods last year, would be provided aid through multilateral development assistance, Finance Minister Nirmala Sitharaman said during her budget speech in the Lok Sabha on Tuesday.

Heavy rains triggered floods and landslides in the hill state last year and about 550 people died during the monsoon season. The Himachal Pradesh government has requested the Centre to release Rs 9,042 crore as financial assistance following a post-disaster assessment carried out by a central team.

"Himachal Pradesh suffered extensive losses due to floods last year and our government would provide assistance to the state for reconstruction and rehabilitation through multilateral development assistance," Sitharaman said.

The state received three spells of very heavy rains last year. It received 223.9 mm of rain from July 8 to July 12 against the normal of 42.2 mm, 111.2 mm from August 11 to August 14 against the normal of 41.7 mm, an excess of 167 per cent, and 54.4 mm from August 22 to August 24 against the normal of 21 mm, an excess of 159 per cent.

The Congress government in Himachal Pradesh had demanded that the monsoon rains in the state be declared a national disaster. The state government, which said it allocated Rs 4,500 crore as part of a special aid for the flood victims from its own coffers, has repeatedly accused the BJP-led Centre of not announcing a special relief package for Himachal Pradesh and declaring the calamity a "national disaster".

Addressing rallies in Himachal Pradesh during the Lok Sabha poll campaign, Prime Minister Narendra Modi had accused the state government of selectively distributing the central aid meant for the victims of last year's floods and promised to find out where did the money go once he returned to power.

Earlier, Bharatiya Janata Party (BJP) leaders had said the Centre had released Rs 1,762 crore for the flood victims, besides funds for the construction of 2,300 roads and 11,000 houses, and accused the Congress of indulging in "bandarbaat (giving money to select people)".

New Delhi | The government will look at further lowering duties for properties purchased by women and making it an essential component of urban development schemes, Finance Minister Nirmala Sitharaman said on Tuesday.

In her Union Budget speech, Finance Minister Nirmala Sitharaman also proposed to discontinue the quoting of Aadhaar Enrolment ID in place of Aadhaar number with respect to taxation purposes.

"We will encourage states which continue to charge high stamp duty to moderate the rates for all and also consider further lowering duties for properties purchased by women. This reform will be made an essential component of urban development schemes, encourages states with high stamp duty to moderate rates for all, lower duties further for properties purchased by women," she said in the Budget speech.

New Delhi | Finance Minister Nirmala Sitharaman on Tuesday announced a comprehensive financial support plan of Rs 11,500 crore to enhance flood control measures and irrigation projects across several states.

Presenting the Budget in the Lok Sabha, Sitharaman highlighted that the government, through the Accelerated Irrigation Benefit Program and other sources, will provide financial support for various projects.

These projects include the Kosi-Mechi intra-state link and 20 other ongoing schemes, encompassing barrages, river pollution abatement, and irrigation projects. Additionally, survey and investigation of Kosi-related flood mitigation and irrigation will be undertaken.

"Bihar has frequently suffered from floods, many of them originating outside the country. Plans to build flood control structures in Nepal are yet to progress," Sitharaman said.

Assam, which grapples with annual floods caused by the Brahmaputra and its tributaries originating outside India, will also receive assistance for flood management and related projects, she said.

"We will provide assistance to Assam for flood management and related projects," Sitharaman said.

Highlighting the extensive losses suffered by Himachal Pradesh last year, Sitharaman said, "Our government will provide assistance for reconstruction and rehabilitation through multilateral development assistance." Similar support was promised to Uttarakhand, which faced significant losses due to cloudbursts and massive landslides.

Recently, Sikkim witnessed devastating floods that wreaked havoc across the state.

The Finance Minister added that the government will extend its assistance to Sikkim as well.

New Delhi | Finance Minister Nirmala Sitharaman on Tuesday said the government plans to raise capital gains exemption limit on certain financial assets to Rs 1.25 lakh per year for middle and upper middle class.

Presenting the Budget for 2024-25, she announced a hike in STT (securities transaction tax) on F&O (futures and options) securities by 0.02 per cent and 0.1 per cent.

Income receipt on share buyback will be taxed in the hands of recipients, Sitharaman added.

To reduce tax litigation, the finance minister said the government is planning Vivad Se Vishwas Scheme 2024.

She also said Rs 10 lakh crore has been proposed for PM Awas Yojana - Urban 2.0 to address housing needs of 1 crore urban poor and middle class.

She also announced 12 new industrial parks to be developed under the National Industrial Corridor Development programme.

New Delhi | The government on Tuesday said it will set up an 'Anusandhan National Research Fund' to support basic research and prototype development in universities, colleges, research institutions, and R&D laboratories.

A mechanism to spur private sector-driven research and innovation at commercial scale will also be set up with a financing pool of Rs 1 lakh crore, Union Finance Minister Nirmala Sitharaman said during her budget speech.

Sitharaman said a venture capital fund of Rs 1,000 crore will be set up expanding the space economy by five times in the next 10 years.

New Delhi | Giving a big relief to startups, the government on Tuesday announced removal of angel tax for all classes of investors to further promote the growth of budding entrepreneurs of the country.

Angel tax refers to the income tax that the government imposes on funding raised by unlisted companies, or startups, if their valuation exceeds the company's fair market value.

"To bolster the Indian startup eco-system, boost the entrepreneurial spirit and support innovation, I propose to abolish the so-called angel tax for all classes of investors," she said.

Ahead of the Union Budget, the Department for Promotion of Industry and Internal Trade (DPIIT) has recommended removal of this levy on startups.

In September last year, the Income Tax Department notified new angel tax rules that comprise a mechanism to evaluate the shares issued by unlisted startups to investors.

While previously the angel tax -- a tax levied on capital received on the sale of shares of a startup above the fair market value -- applied only to local investors, the Budget for the 2023-24 fiscal year (April 2023 to March 2024) widened its ambit to include foreign investments.

Over 1.17 lakh startups are registered with the government. They are eligible for availing of incentives under the government's Startup India initiative.

Commenting on the announcement, Deloitte India Partner Sumit Singhania said it is a positive move as it would help reset not only the tax cost matrix for investors in startup, but for foreign strategic investors as well.

"It also puts out a progressive view of tax policy making by the government. Since this levy has stung for more than a decade since it was introduced in 2012, withdrawal of angel tax entirely means a timely course correction as the government rolls out red carpet for long term strategic investment as well more risk-capital to promote innovation and R&D," he said.

Lokesh Shah, Partner, IndusLaw, termed it as a major announcement.

"This is a huge relief for Indian companies, specifically startups. A delight for investors and private equities/venture funds supporting Indian companies," Shah said.

New Delhi | The government on Tuesday announced that it will undertake a comprehensive review of the Income Tax Act to make it easy to read.

Presenting the Union Budget for 2024-25, Finance Minister Nirmala Sitharaman also said the government will come out with SoP (standard operating procedure) for TDS defaults and simplify and rationalise compounding of such offences.

She added that two tax exemption regimes for charitable trusts will be merged into one.

Also, 58 per cent of corporate tax have come from simplified tax regime in FY23.

More than two-thirds of individuals availed of the new income tax regime, Sitharaman said in the Lok Sabha.

The FM further announced that DPI apps will be developed for credit, e-commerce, education, health, law, MSME service delivery, and urban governance.

New Delhi | Finance Minister Nirmala Sitharaman on Tuesday announced that Rs. 2.66 lakh crore has been allocated for rural development, including rural infrastructure.

She also said that three crore additional houses will be constructed under the PM Awas Yojana in rural and urban areas.

Presenting the Budget for 2024-25 in the Lok Sabha, the minister said, "This year I have made a provision of Rs. 2.66 lakh crore for rural development, including rural infrastructure".

She also announced launch of the phase 4 of the Pradhan Mantri Gram Sadak Yojana (PMGSY), to provide all-weather connectivity to 25,000 rural habitations.

"Phase four of the PMGSY will be launched to provide all-weather connectivity to 25,000 rural habitations, which have become eligible in view of their population increase," Sitharaman said.

New Delhi | Finance Minister Nirmala Sitharaman on Tuesday said the government will come out with an economic policy framework to usher in next-generation reforms to boost economic growth.

Presenting her seventh straight Budget for 2024-25, Sitharaman said the Centre will provide assistance to Odisha for development of tourism.

The government will operationalise Anusandhan National Research Fund, she added.

The finance minister also proposed to support development of corridors at Vishnupad Temple and Mahabodhi Temple in line with Kashi Vishwanath Temple.

New Delhi | For promoting women-led development, Finance Minister Nirmala Sitharaman on Tuesday said the Budget carries an allocation of more than Rs 3 lakh crore for schemes benefitting women and girls.

Presenting the Union Budget for 2024-25 in the Lok Sabha, Sitharaman said this signals the government's commitment in enhancing women's role in economic development.

"For promoting women-led development, the Budget carries an allocation of more than Rs 3 lakh crore for schemes benefitting women and girls," she said.

Sitharaman said the government will set up working women hostels to promote their participation in the workforce.

New Delhi | Nuclear energy is expected to form a crucial part of the energy mix of Viksit Bharat, the government said on Tuesday, and added that it will partner with private firms to develop small and modular nuclear reactors and conduct research on newer technologies.

The R&D funding announced in the interim budget will be made available for this sector also, Union Finance Minister Nirmala Sitharaman said during her Budget speech.

"Nuclear energy is expected to form a very significant part of the energy mix of Viksit Bharat. Towards that pursuit, our government will partner with private firms for setting up of Bharat Small Reactors, conduct research and development on Bharat Small Modular Reactor and newer technologies for nuclear energy," she said.

New Delhi | The government will launch three employment-linked schemes, Finance Minister Nirmala Sitharaman said while presenting the Union Budget for 2024-25 on Tuesday.

These schemes will be based on enrolment in Employees' Provident Fund Organization (EPFO), Sitharaman said in the Lok Sabha.

"Our government will implement three schemes for employment-linked incentives," she said.

About scheme A, she said it will provide one month's wage to those entering the workforce in all sectors.

The scheme B, she said, will incentivise additional employment into the manufacturing sector linked to the employment of first-time employees.

"An incentive will be provided at specified scale directly to the employee and employer with respect to the EPFO contribution in the first four years of employment. This scheme is expected to benefit 30 lakh youth... and their employers," the minister said.

Sitharaman said the scheme C will cover additional employment in all sectors.

"All additional employment within a salary of Rs 1 lakh per month will be counted," she said, adding that the government will reimburse to employers up to Rs 3,000 per month for two years towards the EFPO contribution to each additional employee.

The scheme is expected to incentivise additional employment of 50 lakh people.

The minister also announced that working women hostels will be set up in the country to promote women's participation in the workforce.

She added that the government will provide funds to the private sector, domain experts and others for developing climate-resilient seeds.

Amaravati | The Central government will provide Rs 15,000 crore financial assistance for Andhra Pradesh for the purpose of development of Amaravati, Union Finance Minister Nirmala Sitharaman said on Tuesday.

Presenting the Budget for 2024-25 in the Lok Sabha, she further said the NDA government at the Centre is fully committed to financing and early completion of Polavaram Irrigation project, which is considered as a lifeline for Andhra Pradesh and its farmers.

"Our government has made concerted efforts to fulfil the commitments in Andhra Pradesh Reorganisation Act. We are recognising the state's need for a capital. We will facilitate special financial support through multilateral development agencies. In the current financial year, Rs15,000 crore will be arranged with additional amounts in future years," she said.

Sitharaman further said under the AP Reorganisation Act, for promoting industrial developments, funds will be provided for essential infrastructure such as water, power, railways, and roads and also grants for backward regions of Rayalaseema, Prakasam North coastal Andhra Pradesh, as stated in the Act will be provided.

New Delhi | The government will provide Rs 11.11 lakh crore for capital expenditure for 2024-25 and introduce viability gap funding to spur private investment in infrastructure, Finance Minister Nirmala Sitharaman said on Tuesday.

Presenting the Union Budget for FY2024-25, she said that the government will endeavour to maintain strong fiscal support for infrastructure over the next five years, in conjunction with imperatives of other priorities and fiscal consolidation.

"This year, I have provided Rs 11,11,111 crore for capital expenditure. This would be 3.4 per cent of our GDP," Sitharaman said.

The minister said the Union government will encourage states to provide support of similar scale for infrastructure, subject to their development priorities.

"A provision of Rs 1.5 lakh crore for long-term interest-free loans has been made this year also to support the states in their resource allocation," she said.

Sitharaman said investment in infrastructure by the private sector will be promoted through viability gap funding (VGF) and enabling policies and regulations.

"A market-based financing framework will be brought out," she said.

The Budget has also announced launching the fourth phase of the PM Gram Sadak Yojana in 25 rural habitations and providing assistance to Assam for flood management and related projects.

The minister added that the significant investment that the central government has made over the years in building and improving infrastructure has had a strong multiplier effect on the economy.

New Delhi | The government will provide financial support for loans up to Rs 10 lakh for higher education in domestic institutions, Union Finance Minister Nirmala Sitharaman announced on Tuesday.

Presenting the budget for 2024-25, she said e-vouchers for this purpose will be given directly to one lakh students every year with interest subvention of 3 per cent of the loan amount.

Upgrading 1,000 Industrial Training Institutes (ITIs) in hub and spoke model, aligning course content with skill needs of industry and revision of model skill loan scheme, are among the measures announced by the Finance Minister for Skill Development sector.

"For helping our youth who have not been eligible for any benefit under govt schemes and policies government will provide financial support for loans up to Rs 10 lakh for higher education in domestic institutions. E-vouchers for this purpose will be given directly to one lakh students every year with interest subvention of 3 per cent of the loan amount," Sitharaman said.

The Union Budget for 2024-25 will provide Rs 1.48 lakh crore for education, employment and skilling in the country.

She said, "1,000 ITIs will be upgraded in hub and spoke model, course content and design will be aligned to the skill needs of industry and new courses will be introduced for emerging needs. I am happy to announce a new centrally sponsored scheme for skill development in which 20 lakh youth will be skilled over period of 5 years".

"The model skill loan scheme will be revised to facilitate loans up to RS 7.5 lakh with a guarantee from government promoted fund..this measure is expected to help 25,000 students every year," she added.

New Delhi | The Congress on Tuesday said Finance Minister Nirmala Sitharaman has taken a leaf out of its 2024 Lok Sabha polls manifesto by announcing an internship programme but "in their trademark style", the scheme has been designed to "grab headlines with arbitrary targets" rather than a programmatic guarantee.

In the Union Budget of 2024-25, Sitharaman announced that the government will launch a scheme to provide internship opportunities to 1 crore youth in 500 top companies over five years.

Congress general secretary in-charge communications Jairam Ramesh said, "The Finance Minister has taken a leaf out of the INC's Nyay Patra 2024, with its internship program clearly modelled on the INC's proposed Apprenticeship Program that was called Pehli Naukri Pakki."

"However, in their trademark style, the scheme has been designed to grab headlines, with arbitrary targets (1 crore internships) rather than a programmatic guarantee for all diploma holders and graduates, like the Indian National Congress had envisioned," Ramesh said.

In another post, Ramesh said that after "ten years of denial -- where neither the non-biological PM nor his party's Lok Sabha Elections Manifesto would even mention jobs -- the Union Government seems to have finally come around to tacitly admitting that mass unemployment is a national crisis that requires urgent attention".

"It's far too late, and as it turns out, far too little - the Budget speech is more focused on posturing than action," he said.

In its 2024 Lok Sabha polls manifesto, the Congress had promised that if it comes to power it will bring in a new Right to Apprenticeship Act to provide a one year apprenticeship with a private or a public sector company to every diploma holder or college graduate below the age of 25.

"Apprentices will get Rs 1 lakh a year. The apprenticeship will impart skills, enhance employability and provide full-time job opportunities for millions of youth," the manifesto had said.

New Delhi |The government will come out with a document on energy transition pathway, Finance Minister Nirmala Sitharaman said on Tuesday.

A policy to support pump storage projects will be brought to provide round-the-clock energy, she said while presenting Budget for 2024-25 in the Lok Sabha.

The finance minister said state-owned enterprises NTPC and BHEL in joint venture will set up 800 MW super critical thermal power plants with higher efficiency.

Further, she said PM Surya Ghar Muft Bijli Yojana generated remarkable response with 1.8 crore people registering under it.

New Delhi | The government on Tuesday proposed a central assistance of Rs 2.2 lakh crore for urban housing over the next five years as well as an interest subsidy scheme to facilitate loans at affordable rates for urban housing works.

The announcements were made by Finance Minister Nirmala Sitharaman in the Union Budget 2024-25.

She also said the government will put in place measures for an efficient and transparent rental housing market with enhanced availability.

Among others, the minister has proposed transit-oriented development plans for large cities having a population of over 30 lakh and a scheme to support the development of 100 weekly haats in five years.

Also, the government will develop digital public infra applications in seven areas, including those related to credit and MSME service delivery.

New Delhi | Finance Minister Nirmala Sitharaman on Tuesday said appropriate changes will be made to the Insolvency and Bankruptcy Code (IBC) and steps will be taken to strengthen tribunals in the country.

She also proposed integrated technology platform for improving outcomes under the Code, besides additional debt recovery tribunals to be set up in the country.

While presenting the Union Budget for 2024-25, she proposed the development of digital public infra application for productivity gains, business opportunities and innovation by the private sector.

She informed that the IBC has resolved more than 1,000 cases, which has resulted in realisation of Rs 3.3 lakh crore to creditors.

Defaults worth Rs 10.2 lakh crore have been settled at the stage of pre-admission of insolvency cases since the inception of IBC in 2016, and more than one-fifth of the companies undergoing resolution process are from the real estate space, the Economic Survey said on Monday.

Since FY18, the IBC has enabled over Rs 3 lakh crore recovery for banks, which was much more than what lenders recovered through previous mechanisms of Lok Adalats, DRTs, and the SARFAESI Act, it said.

Since the implementation of IBC in 2016, a total of 31,394 corporate debtors cases "involving a value of Rs 13.9 lakh crore" have been disposed of (including pre-admission case disposals) as of March 2024.

New Delhi | Finance Minister Nirmala Sitharaman on Tuesday announced that Rs. 2.66 lakh crore has been allocated for rural development, including rural infrastructure.

She also said that three crore additional houses will be constructed under the PM Awas Yojana in rural and urban areas.

Presenting the Budget for 2024-25 in the Lok Sabha, she said, "This year I have made a provision of Rs. 2.66 lakh crore for rural development, including rural infrastructure".

New Delhi | The government on Tuesday announced that it will set up as many as 100 branches of India Post Payments Bank (IPPB) in Northeastern states of the country.

The announcement was made by Finance Minister Nirmala Sitharaman in the Union Budget for 2024-25.

IPPB has crores of accounts at present and operates through lakhs of branches.

New Delhi | The government will come out with a credit guarantee scheme for MSMEs to facilitate term loans without collateral or third party guarantee, Finance Minister Nirmala Sitharaman said on Tuesday.

Presenting her seventh straight Union Budget, she also said that public sector banks to build in-house capability for credit assessment of MSMEs.

As part of a slew of measures to boost the sector, the government will reduce the turnover threshold of MSME buyers for mandatory onboarding on TReDs platform from Rs 500 crore to Rs 250 crore.

TReDS is an online platform to help MSMEs (Micro, Small and Medium Enterprises).

Among other steps, SIDBI will open 24 new branches to serve MSMEs clusters.

In the Budget, Sitharaman said Rs 2.66 lakh crore is being provided for rural development.

Further, the government will launch saturation drive under Pradhan Mantri Janjati Adivasi Nyaya Maha Abhiyan (PM JANMAN).

New Delhi | The government will set up working women hostels to promote the participation of women in the workforce, Finance Minister Nirmala Sitharaman said while presenting the Budget in the Lok Sabha on Tueday.

As mentioned in the interim budget, there is need to focus on poor, women, youth and farmers, she said.

"We will facilitate higher participation of women in workforce by setting up of working women hostels in collaboration with industries and establishment of creches in addition the partnership will seek to organise women specific skilling programmes and promotion of market access for women SHG enterprises," she said.

New Delhi | Finance Minister Nirmala Sitharaman on Tuesday said the loan limit under the MUDRA scheme will be doubled to Rs 20 lakh.

Presenting the Budget for 2024-25 in the Lok Sabha, she said the government will launch the scheme to provide internship opportunities to 1 crore youth in top 500 companies over the next five years.

Further, the Centre will also promote investment-ready industrial parks in 100 cities, the finance minister added.

The government will facilitate dormitory-type rental housing for industrial workers in public-private partnership (PPP) mode.

Sitharaman also announced that the government will launch auction of the first offshore mining blocks and will set up Critical Mineral Mission to acquire assets overseas.

She also said Rs 20,000 crore will be allocated for highways in Bihar.

New Delhi | The government on Tuesday announced the Pradhan Mantri Janjatiya Unnat Gram Abhiyan for improving the socio-economic conditions of tribal communities in the country.

The programme aims at achieving saturation coverage for tribal families in tribal-majority villages and aspirational districts, Union Finance Minister Nirmala Sitharaman said during her budget speech.

The programme will cover 63,000 tribal villages, benefitting 5 crore tribals, she said.

New Delhi | The government on Tuesday announced a series of measures for development of Andhra Pradesh, including arranging Rs 15,000 crore this fiscal and in future years for development of the capital city of the state.

Presenting Union Budget 2024-25, Finance Minister Nirmala Sitharaman said the government will also facilitate special financial support for development of the capital city.

Besides, the Centre allocated over Rs 3 lakh crore for schemes benefiting women and girls and stated that it is fully committed for completion and financing of Polavaram irrigation project.

The minister also announced backward region grant for three districts of the state.

The Telugu Desam Party (TDP) is a key ally of the BJP in the Centre.

Political parties from Andhra Pradesh have protested time and again since 2014 demanding special category status for the state.

Special category status is a classification of regions or states by the central government to provide special assistance in the form of tax benefits and financial support for development of the region.

New Delhi | The Centre on Tuesday proposed an outlay of Rs 26,000 crore for various road projects in Bihar.

In her Budget for 2024-25, Finance Minister Nirmala Sitharaman said the Union government will arrange financial assistance to Bihar through aid from multilateral development agencies.

The government will also set up airports, medical colleges and sports infrastructure in Bihar, she said.

The Centre will also formulate plan 'Purvodaya' for all-round development of Bihar, Jharkhand, West Bengal, Odisha, and Andhra Pradesh. Sitharaman further said the government will support industrial corridor for development in the eastern region.

The finance minister also said the government will provide e-vouchers directly to 1 lakh students every year with interest subvention of 3 per cent of loan amount.

New Delhi | The government on Tuesday announced a new centrally-sponsored scheme for skilling 20 lakh youth over the next five years.

The announcement was made by Finance Minister Nirmala Sitharaman in the Union Budget 2024-25.

The minister said that model skilling loan scheme will be revised to facilitate loans up to Rs 7.5 lakh.

As part of boosting skilling efforts, 1,000 ITIs will be upgraded on the hub-and-spoke model. Besides, the government will provide financial support for loans up to Rs 10 lakh for higher education in domestic institutions.

Sitharaman said the new centrally-sponsored scheme for skilling in collaboration with states and industry will train 20 lakh youth over a period of five years.

New Delhi | Finance Minister Nirmala Sitharaman on Tuesday announced nine priorities in the Union Budget 2024-25 for generating ample opportunities in the economy.

The nine priorities include productivity, jobs, social justice, urban development, energy security, infrastructure, innovation and reforms.

Presenting her seventh straight budget, Sitharaman said the government undertakes comprehensive review of research to develop climate-resilient seeds.

In the next two years, one crore farmers will be initiated in natural farming, she said.

Large scale vegetable production clusters would be promoted to increase output, she stated.

The government will release new 109 high-yielding, climate-resilient seeds for 32 field and horticulture crops.

According to her, implementation of various schemes announced in the interim budget in February is still underway.

New Delhi | The government on Tuesday said it will launch three employment-linked schemes.

While presenting the Union Budget for 2024-25, Finance Minister Nirmala Sitharaman said the government will provide incentives to 30 lakh youth entering the job market by providing one month's PF (provident fund) contribution.

She announced that working women hostels will be set up in the country to promote women's participation in the workforce.

She added that the government will provide funds to the private sector, domain experts and others for developing climate-resilient seeds.

An already existing scheme -- MGNREGA (Mahatma Gandhi National Rural Employment Guarantee) -- aims to provide 100 days of wage employment in a particular fiscal year to at least one member of every household whose adult members seek manual work.

New Delhi | The government will bring a National Cooperation Policy for the overall development of the country, Finance Minister Nirmamala Sitharaman said on Tuesday.

Presenting the Budget for 2024-25, she said the Centre will promote digital public infrastructure for agriculture in partnership with states, while Jan Samarth-based Kisan Credit Card will be introduced in five states.

Besides, the government will strengthen production, storage and marketing of pulses, while fast-track growth of rural economy and creation of employment opportunities will be the policy goal, she said.

Also, the government will provide finance for shrimp farming and marketing, she added.

New Delhi | The Union Budget for 2024-25 will provide Rs 1.48 lakh crore for education, employment and skilling in the country.

Presenting the Budget in the Lok Sabha, Finance Minister Nirmala Sitharaman said it will focus on employment, skilling, MSMEs and the middle class.

She added that the government has extended the PM Garib Kalyan Anna Yojana for five years which is benefiting 80 crore people of the country.

As mentioned in interim budget, there is a need to focus on poor, women, youth and farmers, the minister said.

She added that people have given unique opportunity to the Modi government to take India on the path of strong development, and all-round prosperity.

New Delhi | Finance Minister Nirmala Sitharaman on Tuesday presented the Budget for 2024-25, her 7th straight presentation surpassing the record of former prime minister Morarji Desai.

This is the first Budget during Prime Minister Narendra Modi-led government's third term in office.

People of India have reinforced their faith in the government led by Modi and re-elected it for the third term, she said, while presenting the Budget in Lok Sabha.

India's economic growth continues to shine while the global economy is still in the grip of policy uncertainty, Sitharaman added.

The country's inflation continues to be stable and is moving towards 4 per cent, and core inflation stands at 3.1 pc.

Finance Minister Nirmala Sitharaman begins presentation of her 7th Union Budget in Lok Sabha

New Delhi | The Union Cabinet headed by Prime Minister Narendra Modi on Tuesday approved the full budget for 2024-25, sources said.

Following this, Finance Minister Nirmala Sitharaman will present her seventh budget in the Lok Sabha.

Sitharaman, the first full-time woman finance minister of the country, has presented five full budgets since July 2019 and an interim budget on February 1, 2024.

This is the first budget of the BJP-led NDA government in its third term in office.